John,1 to 4 units are priced via comparables not based on cashflow. 

And I want all of the tax benefits 😀But if I did invest I’d want someone to have owned or led a previous syndication with comparable magnitude.

I also have an extensive sphere of influence with all of my longtime customers, acquaintances, etc, so I will be exploring the more traditional home buyer/seller through those connections and organic marketing as well. 

Comparable rents would be 800 month for 3 bed and 600-700 for 2 bed so gross rental income of 3700-3800 fully occupied.

Nothing that can't be overcome, but REO's will usually take just a little bit longer - maybe 2 or 3 days more than a traditional search & underwrite. 

How does it compare to market?

Both rented and positive cash flow.Subject Property:  Traditional detached SF property in NJPurchase amt 410k10% down (don't have funds to do 20% unfortunately)While I am confident in my mtge guy, for prudent measure I wanted to check w/ the BP community to confirm the following..Freddie:  'My income is too high' (Can certainly give figures, but not sure how to break it down.. 2017 salary + bonus; Rental income, 2018 salary formally approved and documented, but not effective until July; and 2018 bonus (which I have received already)FNMA:  'To get a second FNMA mtge, I need to put down 20%' (which I would like to do, but cannot come up with an extra 41k)FHA:  'My only option' (with the 1.75% upfront PMI and monthly PMI for life of the loan). 

1) When making these types of decisions, it's important to also compare an alternative.

The prices in Bonita Springs work better compared to Naples however one aspect of Bonita Springs that scares me is the flood insurance.

Since I have a full time job I will start with traditional mortgages and use savings from my job as well as cashflow from the rentals to finance future properties with traditional or hard money lenders as my portfolio grows.I'm extremely excited to see where this journey takes me, I look forward to connecting with you all here on the forums and learning as much as I can before jumping in head first!