Adam,I think there are many variables to consider....they are: how much time you have to adequately manage the properties yourself, the quality of the PM you use, the type of properties and tenants you are attracting and how much margin you have to work with.

I realize there are a ton of variables that go into it (quality of condo, purchase price, property management), but I'm just struggling to find any deals that make sense and I've been looking for the past 1-2 years.Thanks! 

Some disadvantages might be the variable interest rate, effects on your DTI, etc.Each option might have different pros and cons.

I like the idea of value add, but am still a bit apprehensive about trying to tackle too many variables in the first few deals.

@Kole MooreLot of variables.

@Michael LeesonThe study that you’re quoting doesn’t utilize other variables other than race.

I assume this all has some degree of variability based on how the policy is structured ect.  

Depending on how much management you are going to use it will range anywhere from 0 to 30% and then you need to figure out which expenses are variable to usage (e.g. electricity, gas, etc.) and those that are static (e.g cable, internet, etc). 

I understand that 76% LTV is a good marketable note and there are probably a multitude of variables as well. 

What math is used to factor in the variable interest rates of a HELOC to make sure the numbers work?