I know that it can be a huge headache and I have some considerations to do a bot where my target area would be, but I do believe that having a profitable investment with a lot of work is better then a bad one that is at home haha.

This is a major obstacle in closing a HUD with financing but you might check around with other lenders or local banks

When it came to customers, he had 6 floor plans, but he let the owners pick out pre-determined materials and add interior non-load bearing walls, except locations for major items.

We will still make a great profit for our first, but will be no where near where we thought it would be after all was said and done.

Yes they are old and many need substantial work, but you have a major advantage over people living in more expensive areas of the country, not to mention a great supply of small multifamily homes.

The vast majority are owned by large corporations and won't talk to you even if you do manage to find a name and phone number.

Currently, I am looking for RE investment opportunity such as rental properties in major cities outside of CA. 

I'm planing on using the profit from flips for down payments on buy and hold rentals.

. $860/month Net monthly profit: $665Cash on Cash: 19.95%Any thoughts on this deal?

I got into this situation because we have never used outside funding, we have only used profit from our other properties to fund rehab, but due to round 3 with cancer we had to put it on the back burner for a short period of time.