Between Curtis and I, for example, we probably know most of the investors in Charlotte and see a good % of the deals.   

What unites all of them is a phenomenal economic growth phase (for midwest standards anyway) and haveing a large body of fresh water just down on the beach.

For example, if you apply to a BofA credit card today and tomorrow, those are both separate pulls, or if you apply to BofA and a Chase credit card the same day those are different pulls.

You haven't mentioned, for example: utilities, property tax, and the usually present monthly mortgage payments."

For example, let’s look at the CoC return over the 3-5 years:3 year return 92,000/295,800 = 31% over 3 years or about 10% per year (that’s if the profit you posted also included your cash flow, if it didn’t then it would be a higher percentage).5 year return 139,000/295,800 = 47% over 5 years or about 9.4% per year.Don’t forget that you will also need to subtract closing costs and you may need to rehab it again after the 3-5 years after the tenant moves out depending on how well they took care of the property unless you just wait until the very end to rehab it before you sell it.So you may ask yourself, is my goal to have the experience so that I can learn from having and managing a rental for 3-5 years or is my goal to cash flow as much as I can with the least amount of work?

For example, properties in the city of Richmond or Petersburg?

Just need some ideas for a quick paint job to fresh up the place before I move in.

These are all military personnel and can share some tips/examples in both rehabbing and buy & hold.Being military myself, and having managed a rental from across the world, I can tell you that it is possible, but will take some planning and proactive thought.

So if I don’t need 60k for a 5% down payment on another owner-occupied then I can only take out for example 20k.

Jim you keep doing these post like this and NO ONE is going to buy rentals ever again LOLbut seriously I like that you balance out all the blue sky and bring reality to the equation.buying rentals is not a set it and forget investment no matter what.can be with really special A class to strong B class but no way with blue collar 800 to 1000 dollar tenants.. don't care where how or what.. they are all people. some are pigs some are clean and neat some in the middle and you can't tell with an application .I suspect if you took the time to go check out their automobile before you rented to them.. or did a sneak pop in on where they are living now before they move into yours you might catch the pigs before they move into your freshly rehabbed home.