The product I'm most familiar with provides your requested property limit for each location, as well as a $1MM per occurrence / $2MM general aggregate limit for each separate location as well. 

Instead of cap rate, I focus on total returns to investors and DSCR-limited investment proceed .  

I just wanted to add also that many syndications purposly utilize cost segregation to generate losses- but lot's of people can not deduct those losses in year incurred due to passive loss limits. 

@Jeff Pollock, you might be better off looking just outside Portland city limits since the rules are more relaxed.  

I have maxed out my VA Loan limit (almost) and I'm cash flowing a little bit it will take a decent amount of time to accumulate enough for a 20% down payment.

Something to fight the limit.

A wholesaler that is actively doing deals and providing value to investors will vet any buyer out in advance before sending them information, to ensure that the end buyer is the actual end buyer and not another wholesaler who is daisy-chaining deals.Negotiations - In my limited experience Nick, there isn't a ton of negotiation on wholesale deals between the wholesaler and end buyer if it's a "good deal" and the wholesaler has options.

I am not big time I have done about 300 lots in the last 5 or so years that are my own and funded a bunch more.. so limited scope of work.  

For SFHs, the assessed value can only increase 10% per year for a current non-homesteaded owner so future increases will be limited.  

If so are you intending for the entity to be accredited or are you limiting the investment to 506(b) deals capable of taking in non-accredited (sophisticated) investors?