I personally look for deals that I can double my money in 3 - 5 years, but it has become harder with the sellers market meaning you really have to hustle and analyze literally everyday.

@Sarah Godbold The City of Buffalo requires all non-owner occupied single family houses and doubles to be registered with their Rental Registry.

When I started out (in 2007), I had the goal of owning 100 apartments generating $100 per month which would put me at $120K positive cash flow (double what I was earning at the time).  4 years and 31 apartments later, I realized my plan would take too long to achieve and i had to get out of my JOB.  

Clintonville doubles are around $250-$350k right now and you aren't getting that great of cash flow.

Had a guarantee that if you don't make double your money back in a year, that they will give an additional year.   

Know that when you go to rent a previously owner-occupied home, you better double that tax amount!

@Stephen Quesinberry Sorry for the double question.  

I may be getting ahead of myself, but I'd rather not double back on my efforts if someone else has already cracked this nut.Thanks to those that contribute.

If I sell, I take back the financing.Because units are ugly and rents are low, when I clean and fix and raise the rents about 50% over 2 years (remember rents are under market at beginning).....I just about double the price of the property.I don't suggest you buy out of stateI manage my tenants by mail.

There is no doubt that you can find deals as some people will walk away from the affected property.Expect at least double your normal rehab time.