We are currently doing deals all over town including HendersonThanks, Louis 

Try multiple lenders, including direct lenders, not just brokers.  

A 2 BR or 3 BR townhouse condo in the same complex easily costs 3x - 5x as much to rehab if it has been neglected since the 1960s, while only drawing 1.5 - 1.8 the rent.The purchase price for the latest unit is $18,000, and closing costs including reimbursement of pre-paid property taxes will bring the total to $18,700.  

Add in inflation, tax benefits to include depreciation, the slow increasing of rents over time, and the ability to use leverage at purchase--well, there are a variety of benefits to investing in property.

I have lived in Denton county since 1980, including Frisco.

My ideal criteria includes: 1,200 - 1,500 sqft, 3 bed, 2 bath, garage (contingent on elevation), and bullet proof.I have seen some listings for somewhat odd and overgrown parcels of land selling low where the numbers might work quite well.

I don't think you would typically include the opportunity cost into your return on investment, but it's definitely a good thing to look into.  

Welcome Berny to BP, I'm also an experienced investor and mainly look for deals North of Buckhead and the Northwest quadrant including Cobb, North Fulton west of 400, Bartow, Cherokee counties.

I think this is twofold, one because the prices have been driven very high (and I'm late to the party) and the FHA payments usually are also higher (including insurance, etc.), and two because it's difficult to get the FHA loan on a property that is 70-80% and needs repairs, so nothing from my current wholesaler contacts would work. 

Have you included a vacancy rate into what you will Net over the year?