It's also important to remember that cap rates reflect more than just the quality of a neighborhood or particular building.

You can convert that to an LLC down the road but remember FHA was made for primary residency so those products even though have up to a 4 unit allowability, aren't treated as investments/can't be put in an LLC right out of the gate. 

Remember, the past 7yrs has seen an astronomical increase in rents... 

Remnant stores are definitely worth a shot for countertops!

And lots of data. 10 million listings worth of data per day to be exact.What is actually happening?

Starting with 15-30k is a good range, but remember, it's not just about the initial investment.

I got a market analysis from my Realtor and she is thinking that the house average worth is $700k.

Advice on who I should talk to, to see if this is actually a deal worth looking into?  

I just wouldn't cover an unlicensed welder. the guy who you are covering for is the problem. or have him get insurance you can get one time policies. it just sounds complicated I'd pass on deals like this to make a few bucks not worth it 

People will still want to see income and net worth on your PFS.