If you live in the selected market, even better (and ideal), but don't let your where you reside dictate your purchase.

After research and plugging in all the numbers I have found that this property,( priced for 152000, closed at 168000 with additional improvement from the builder - projected gross rent of between 1295-1400) has a less than ideal cap rate.

I'm looking to partner with someone to handle the buyer side of things (run ads/marketing to find buyers, screen/qualify them, work with a mortgage broker to get them qualified, etc).I've got too many sellers that I'm working with, so I just don't have time to work on the buyer marketing and screening.I'm in Columbus, OH, so it would be ideal if you're nearby. 

Ideally, multiple $30k-$50k cash buys that can yield $700+ a month in rent.Thanks, I'm looking forward to working with all of you!

This seems like it could force you to make some decisions in this process that may be less than ideal in order to ensure you adhere to the requirements.

It sounds like you are in an ideal situation to consider buying a multifamily building and renting out the other unit(s).

You may less than ideal tenants, however section 8 is a sure deal, direct to your bank account.

I guess like going to the auto mechanic i should have got a second opinion.

I summed up monthly expenses based on my ideal price (mortgage, taxes, condo fee, repairs based on actual repair costs for a similar property I have lived in for the past 5 years), and if I were to rent it out immediately I would have a negative cash flow of $200/month, but I don't think I would be paying more than I would to rent a place in the same area, so in a sense I am not losing anything.

We have done well, but we are over leveraged in a portfolio that I see as being 50% physical real estate, in the ideal case.While I would love to get in on the commercial game in Philly.