So far I've done some pretty major foundation repairs including completely waterproofing the foundation walls and replacing several rotted sections of the seal plate and several joist.

If you hear back at all, I would consider that a major win.  

@Jose Ortega Focus on doing any outside work (roof, siding, landscaping), plumbing work, and HVAC work first and see where you are at after that is done in terms of tenants moving out, etc.Will the major cap ex items being repaired put you in a spot where you will get the appraisal you need to execute the BRRRR?

The key difference between the two is that IRR requires modeling an exit, and for inexperienced investors, that one major assumption, years in the future, has an outsized impact on IRR, which is less than ideal.

It did not need major work because it had already been rehabbed but not complete.

These deals are all somewhat time-sensitive and they are off the market so not much (if any) competition at the moment.Currently, I am a senior in college going for a double major in accounting and finance and plan on going for my MBA, sitting for the CMA and CPA, so I would like to think that I can handle the financial responsibilities.

What that lender above was talking about is government loan rules:  FHA/Fannie/Freddie/USDA/VA....those are the majority of loans written in the US and that's what most banks will offer.

Majority of folks around here would do anything to be in your position. 

While I acknowledge that economic strength is just one facet of a good rental market, it is a major factor and I wanted to share what I've found (the details of my methodology and raw data can be found after the various rankings):Top 10 best economiesProvo-Orem, UTSalt Lake City, UTCharlotte-Concord-Gastonia, NC-SCChicago-Naperville-Elgin, IL-IN-WIDallas-Fort Worth-Arlington, TXKansas City, MO-KSLongview, TXLouisville/Jefferson County, KY-INSan Francisco-Oakland-Hayward, CABirmingham-Hoover, ALThere were two main factors to overall economic strength that I looked at – how diverse/broad the economy is and how many economic drivers (i.e. strength) the area has.

I am looking to invest in the Buffalo market in the next few months, and I’m wondering how to go about finding where the majority of local investors are buying and which pockets of the cIty are most conducive to cash flow.