I will review these and make a calculated decision.

You won't get the same profit percentage you would if you did it yourself (100% vs 50% more or less depending on your negotiating skills) but if you have never done it before you run a much bigger risk of losing money on the project.I'd say your best bet is partnering with an experienced investor who is willing to help you out and not just wholesale it to someone who will suck out any profit you stand to make.

Although I don't know those markets, I bet you can find reasonably priced investments in Frederick or Hagerstown.

You can bet I'll be looking into both of these suggestions.

I bet many of these same people would consider buying an investment property "risky".

Agreed, usually a SFD or small multi is much better for the landlord.I bet the OP errored in posting his numbers, what would be silly is to start out trying to rent a $1M SFD, but 10 condos might be better if that was correct.Varooom!

Are there bad real estate gurus out there, you bet there are just like there are bad college educators.

Since you're just starting out in the Houston market, your best bet may be to offer your services as an experienced rehabber to a new investor who has some capital to invest.

The rain you guys have seen over the past few months is a good example.If that doesn't work, installing interior drain tile is probably your best bet.

Have you factored in turnover rehab, CPA/attorney fees, Evictions, etc into your calculations?