When you spend $20MM - $30MM+, distance is not that important as the economic outlook of the market, your ability to secure funding and having a partner to add value to and operate the complex.My recommendation would be to initially partner with someone who is experienced and can show you the ropes (there is a lot to learn and mistakes will cost you a lot - like 6 to 7 figures).You will also not be taken seriously on a mid to large size deal until you have some experience under your belt or are partnering with someone. 

Although the numbers rarely pencil, deal flow is fairly steady and I get invited to B&F nearly 100% of the time.Most deals were lost on price or some combination of price, terms and experience (lots of buyers out there with a thousand doors under their belt).Unlike aggregating a few balance sheets for the debt -- which can get messy during offering -- the ability to have leveraged a single deep pocket balance sheet up front would have turned a handful of those deals my way.How deep?

He is a local Mortgage broker with several dozen flips under his belt. 

@Tyler McEwen, having started this process 6 months ago and 2 deals under my belt with 3 and 4 in the wings, I can tell you right now that finding deals on the MLS will be tough.

I have a mobile home park under my belt.

Scott:  I should have expected @Brandon Turner would have chosen to display the back of the shirt above.For your next item, might I suggest a light-weight, water resistant, wind-shirt (pull-over w/ 1/3 zip or a full zip), which folds-up in it's own "Bigger Pocket" for storage and hangs off your pack/belt/whatever, when you are not wearing it.I promise I'll use it when I running an ultra out your way ...

Seems like it could be one tool in the tool belt... but I hope someone can tell us their experience.Cheers,Dave

I fully agree that those cities - towns listed by Vicram C are worth considering as that's where people are moving which is mostly the sun belt and high technology places like some cities in Oregon state or California.

But general guidelines are Grandmont Rosedale, Aviation Sub etcD-E-F - Littlefield Community, Happy Homes, North Campau, Wildermere Community, Forest park, and even Fitzgerald belts etc.Where one can buy a home in the D-E-F suburbs property for 5-10K.Only on a Quit Claim Deed (not on a Warranty Deed though).Expect to pay 10-12K in back taxes and another 15-20K in rehab (perhaps have to deal with 1-2 feet of water in the basement and a 3-5K owing in Water to DWSD, or a caved-in roof to site a few defects to deal with) After the rehab the investor, won't or can't, find a legitimate tenant (with a Credit score of 620+) after the property is fixed for 775-800 per month for a 3 bed/1 bath (which is the ave in Detroit rentals)And this is where the horror stories of Investor "Greed" come from and disrepute to a City/Community.And the media laps it up. 

General answer talking to a stranger on a street, i say use the FHA to buy a multifamily property, lower barrier to entry and you get that land lording experience under your belt and documented.