@Arturo Borges, I was recently at a presentation by a good sized local developer here in Memphis and he said they are typically selling homes at 4.5x the land cost (does not take into account custom builds or higher-end homes). 

@Angie Brooks is correct, typically you would start with an LOI. 

When I talk with local brokers, they typically only know of the local/regional tenants looking for space rather than any national tenants.

But haven't explored this option.One question, what is a typical ROI you look for on Investments around RVA?

Typically folks buy turnkey out of state so they can hit the lower cost markets. 

Leverage is a force multiplier: It can move a project along quickly and increase returns if things are going well, but if a project’s loans are under stress – typically when its return on assets isn’t enough to cover interest payments – investors tend to lose quickly and a lot.As a general rule, leverage should not exceed 75% of the total property value, including mezzanine and preferred equity, because both of these types of debt sit ahead of common equity in payment order.

Every time money exchanges hands, typically two people are happy about it and have accomplished a goal.Your second ressource is energy; this includes your creativity and your negotiation skills and what some people call financial engineering - aka putting deals together.

In the meantime, your strategy may work but understand that decent investment properties are typically in a multiple offer situation going to the highest and best bidder.

Some owners will want to know about every maintenance item that comes up as it does, some are OK with seeing it on monthly reports, some owners, typically long-term clients, trust your judgment and may only ask for details about this or that if the item is unexpected or unusual.- Yes- Quarterly would be slow; most PMs send these each month.- How you pay PM fees and structure, you have some discretion over.

Now I typically will go to the property and give an estimate, take photos and create a scope of work in the first 3 days, then we revise it when the inspection report comes back, and then we bring in the contractors.