This, with caveats:Financed properties are being counted, not number of mortgages. 1 property with 3 mortgages counts as 1 financed property. 1 property with 1 hard money loan also counts as 1 financed property, doesn't matter that it's not a FNMA loan.Primary residences aren't held to the cap. 

I've sent a few letters out that way, just targeting properties that aren't for sale but match what I want.

If not, you are going to have difficult raising capital from people who aren't either family or friends. 

I bought my place after the last financial meltdown, so I have plenty of equity to cash flow my house as a rental and I thought about it last year, or an equity split with a friend to get him into being a home owner; but then you have to look at Cash on Equity instead of just cash on cash returns as I have heard David Greene talk about before (just looked it up to make sure and it is in his book http://biggerpockets.com/longdistancebook).I found a facebook video of David talking about the long distance thing, which you have probably heard on the podcasts (probably won't be able to post the link to fb: https://www.facebook.com/BiggerPockets/videos/newest-biggerpockets-author-david-greene-talking-long-distance-real-estate-inves/10155417628854833/)

I know LIDs probably aren't common in all areas of the country, but they are in the Vegas area and I don't find it easy to get information.For the record....I always factored this cost into my calculations and still liked the "big picture" as far as cash flow.   

The buyer called me that day and asked what I was thinking in regards to value, I said, “To be honest, my calculations right now are putting it at 235k one of your single family’s needs to be evicted and your Condos aren’t even cash flow positive.”

@Brock Norton, I think you may be confusing a few things here.Federal Housing Authority (FHA) loans are backed by Housing and Urban Development (HUD) to help new buyers get into a property with a very low down payment. 

Volatility and risk in the product type coupled with an economic slowdown... investors just aren't and won't be looking to place capital in the retail sector when other areas like multifamily and office remain hot. 

@Frank MolinaroEven if you aren't ready to buy just yet, start analyzing deals every day.

@Michael Batts  I know the good ol state of New York allows lease options and they aren't too strict about it.