Does it make sense to go the traditional path until you get capped at a specific number of properties and then switch to a portfolio lender (just given the more favorable terms most likely with conventional)?  

We have not solidified a specific property yet, but are searching hard and researching the best we can. 

However, since there is no specific number associated with what is "unreasonable," what choices to I have if I live in Virginia?  

These may be unsuccessful flips or homes specifically designed for the purpose. 

There are quite a few forums on BiggerPockets that are specific to financing - you are sure to get some great advice there.

Any specific towns you are most interested in?

Use a mortgage broker that has worked specifically on 203k type loans in the past.

      Thanks for the reply Rich, Is there any specific aspect you recommend  I study up on and turn around and use it at my age?

As for the screenings more specifically, I have learned to log everything. 

That specific neighborhood is definately one of the least desirable in the city, although there may be some decent rental properties in the area.