But you need a pretty darn good deal to support 100% debt.

Now on the surface it seems like a pretty decent idea; however i have a few questions for them (which i've asked) but  I wanted to know from this groups perspectives the pros/cons that you all may have experienced in similar situations.

My wife and I do extra rooms out of our primary house and we are located right next to wine country, pretty much every weekend we are booked. 

You can’t borrow against its equity if you sell it so think that through .I imagine rent goes for a pretty penny there .

But you can get pretty much unlimited loans from community banks and others.

@Jeff Greenberg holds a monthly casual networking hangout for investors in Santa Monica on the 2nd Saturday of every month and a pretty good majority of the investors there are doing out-of-state stuff, so it might be a good place to go to learn more of what they are doing and be able to ask questions and such.

I found a site called Roofstock that claims to do all the work for you and it seems that there are pretty good reviews and experiences.

Initial cap rate looks good but I'd suggest making any offer subject to verification of rent (audit) and interior walk through - pretty standard. 

I agree that proper reserves/cash flow are what it takes to get you through pretty much any challenge. 

@james masotti  It's so funny that you say that because we were just talking about the market turn yesterday at my local reia meeting and I was explaining like it is at  Its peak and about to turn so my plan is to flip this particular property as soon as possible just to create enough capital to then invest in a multi families because at least by doing that Having flow every month it will supplement the Down turn Because in my market that's pretty much what does make sense And yes it's a pretty nice area but I gotta say the deal is good due to the fact that we got a distressed property owner so it almost just fell into our laps 98 % hard work and positivity 2 % luck lol