Sometimes we get smoking deals on properties because they have a material defect that the seller doesn't know how to fix or can't afford (foundation issues, black mold, hoarding, etc.).

The only types of properties that are affordable for beginners down here are in bad areas and even those are top dollar.

If you are seasoned from a lot of flips you have the means (contractors, knowledge) to deal with about everything efficiently and deep enough pockets that you can afford to loose money on one deal. 

Possibly if they inherit once the estate is settled they can afford to go. 

Desperate tenants who are poorly qualified will promise you whatever rent you ask, and then they can't afford to pay it once they're accepted, so make sure the rents are realistic for the median income of the area.

Things to consider: 1) You'll probably be approved for much more than you can actually afford.2) The VA loan has a hefty funding fee and is 0 money down. 

Yves,When you buy an investment property you do not have to live in that area just show you can afford the mortgage. 

Looking 30+ years into the future, those reasons (location relative to me, within budget, can cut costs by living in the unit while renovating, amenities) all seem very relevant to me so I disagree there.. but to answer your other questions, I could afford to place up to 50% of the cost of a property as a down payment if needed.. but ideally I'd be able to borrow more / place a lower down payment.

Househacking makes it affordable to buy in a very expensive market.

I did not take advantage of or lie to any seller/owner as the owner was always a bank (institution) and the reason they owned it in the first place was out of greed giving a loan to someone who likely could not have afforded it under normal lending criteria today.In all cases in which I purchased from a wholesaler or was presented a deal from a wholesaler, never did I ever get an accurate rehab number (I would consider anything in the ballpark of 10% as accurate), I never got a true exit value (I was always given a pipe dream or best case scenario on the value), the comps used - 80% of the time, there were comps that were not actually comps (comparing a 1500 sf 3+2 with a 2500sf 4+3 as an example, or a comp in a completely higher end neighborhood even though it was within a 1/2 mile).