But I'm sure, like you said, we could find someone on BP or one of our local REIA's who be on board.  

I was a RE broker doing acquasitions for a large syndicator in the 80s in San Francisco / Sacramento market.. and thats what brought down their billion dollar buziness taking reserve money from good projects to prop up losers..

This is a local listing.

You will need money for marketing so don't think it's free. 

I would not to take on unlimited risk of a capital call from a management company I cannot change.What is the resale market like? 

If you are investing consistently, you will know what your market charges for the work needed. 

The one caveat I have about that area is that it is starting to be classified as a declining market.

One of the realtors was skeptical that I can get into this market for $200k, and, I agree, it's a bit of a stretch, but with the pay cut I'll be taking going down to Texas, that's about as much of a mortgage as we can afford on one income.

Black market-  most economies that have something that impactful happen, causes the taxpayers to move to a black market approach.  4.

Rents are mostly at market rate, and are for the most part, fairly consistent around the city.