. :) I guess I’m in the cash flow quadrant.

I guess I was persuasive because, without me asking, they insisted on giving me money.

Guess it doesn’t pay to rush into the renovation.

I guess it may be common in Texas but I am not desperate, I will wait for the right deal. 

I guess I need two spreadsheets with each scenario trying to determine which to go with? 

I am guessing you are looking at a 2 or 3 bedroom model, which there are some on the market.

Your note on valuation makes sense as well - I guess I need to get to the bottom of everything else the average commercial lender is looking for.

Great on you for thinking about this so young.In the right situation, you could do well in a no money down scenario, but typically to invest without any of your own dollars involved, you're going to borrow from a private lender at a higher rate than normal, and they would only lend to you with a high income / collateral so you already have to have money or high net worth.I"m guessing like most students, you don't have a high paying job or a large amount of cash saved so that would be your first challenge to overcome in your journey.

I'm in San Jose working with a youth corps programs that is starting to do Tiny Home construction and we are reviewing all the regs etc for California -- the hope/goal is to make quality homes to service our homeless population then the community then eventually FEMA etc...These will be on trailers - Our approach will be to approach members in the community who would like to have the extra rental income by having on elf these on their property -- no doubt there's a lot of hurdles ahead of us but we have a record of building/construction - the challenge will be the market and regulations  which I guess always is the case....

I guess then, one must ask themselves what Cap rate THEY wish to receive, and if the market cap rate is below that number, well, maybe that market isn't right for them and they should look elsewhere.If market cap rates in a particular region are consistently low... how does anyone actually make any money in those markets?