You have little control over any events if the project should take a wrong turn if you are in second position.

On the wholesale side it sounds like a lot of work for less than $1k.Correct me if I'm wrong, but I believe owner occupants get first look on HUD properties and are allowed to finance them.I would strongly suggest taking 5 or 10k of that 20 and doing a targeted direct mail campaign.  

Way too little money for everything that could go wrong....holding costs, insurance, buyer can't get financed, etc, etc.

I do not own any homes yet but want to buy a MF home where I can live in one unit.Doing a search on Trulia, Zillow, MLS, Realtor is not giving me much, so am wondering whether I am barking up the wrong tree for this market.I would love to hear from experienced investors in these areas what would be the best strategy for this area.

It sounds like you need to start making those connections anyway, so you'll be able to act more quickly on the next deal.The only thing wrong with a small projected profit (<15k, for example) is that it puts you a couple of major issues away from a loss.

Thanks Chris,I am new to this and may be using the wrong language....perhaps it's income tax that I am concerned with paying.

Either way if the broker needs you to point out what a great deal it is so they can snatch it from your grasp they are probably the wrong broker because they know less than you do. 

And it's not just about right side of town, wrong side of town.

welcome to the site.Nothing wrong with the MLS that's were people go to sell their properties.

I just realized that I posted this thread in the wrong section.