In general there is no money involved in this part it's literally just signatures (except earnest money, but most wholesalers either don't put any earnest money down or put a relatively small amount like $20-$500). 

This will take you a lot longer than whatever timeline you think you have unless you are literally kicking everyone out and rehabbing and then leasing up.  

So I am nervous that they are just going to be going up- there is some talk from the association that they will be enforcing the 80% owner occupied rule when the neighborhood gets to that (its literally right next to a military base so I don't think that will be more than 2 or 3 years.

His down payment and cash to close number is literally a negative number, officially on all the closing paperwork and everything, nothing sneaky at all.

I built enough macros that I literally killed my job.

I literally run the numbers and calculate cash flow on multi-unit properties all day every day, and I don't think I've seen a property in the $800 cash flow range ever, unless you have literally no mortgage payment.But regarding your specific questions: Anyone who tells you "stick to the nice neighborhoods" or "I like the Southwest and Northwest, go with those areas" is either not experienced in investing in profitable rentals before, or is Scrooge McDuck rich and doesn't care much about cash flow.  

I am literally starting from zero.

The man that worked with us was named Phil or Philip, but I think there are literally three Philips in that office if I understood him correctly. 

So literally the first applicant who meets qualifications needs to be offered to sign the lease.

He literally calls at least once a week about a problem.