The former coming with a huge array of other issues and the latter being exactly why you don't focus on a spreadsheet for this.What happens when rent goes down and your PITI was measured against it?

Because you are buying in NV you will need to look for local lenders, most nation wide commercial lenders won't lend in the state. 

Agreed with all the sentiment here regarding casting a wide net. 

Sometimes that could be a turnoff as well and not casting a wide enough net.

These are NOT your friends who happen to be realtors that sell houses part time, and it's not a quick Zillow search for "best realtor in my area", these agents need to be ones that work extensively with investors of a wide variety. 

It's a pretty widely discussed issue with buying foreclosure auctions.

I've heard from a friend who has been investing in Milwaukee for a few years that it's a solid place, landlord-friendly, wide range of prices to fit all, and good yield for the rent price to cover funding costs.What do you think?

Some people respond that they have "plans" to build, but I find that a large percentage of the people I'm calling / texting have had "plans" to build for over 10 years .... my goal is to just keep these leads warm so that when they are ready to let go of the property they think of me first.Part of the issue with the idea of "casting a wide net" is that we have pretty specific neighborhoods and criteriafor what will work with our business model.

Their cost structure is also very widely different from one another. 

We went in & rehabbed a room on the lower floor to make it a large bedroom with a wide door so he could navigate his scooter that he is now confined to.