I was just looking at some units today in Pasadena (online) and saw some apartments in LA and couldn't believe what they were asking for duplexes and triplexes - but when I checked the rents ran the numbers - they penciled out - but you'd have to put 75% down to make any cash flow and were still only looking at 2 1/2% cap rate - you could probably put those same dollars in the central valley and get a 16 plex with maybe a 4 1/2 % cap rate - I've noticed a lot of out of town investors from LA,San Diego, and the Bay area.. all looking for someplace to put capital because they are getting priced out of the coastal cities.. consequently- it is making the market even tighter in Fresno and very few ( cash flowing) plexes left to invest in  - but the central valley is big and there are other cities  outside of Fresno that still have opportunities - I think as you mentioned - most of the good deals are going to found off market - so that brings in your network - I think having a deeper network and a strong marketing campaign is more important to success than hording your closing numbers. 

I would budget for 5% of cash flow being taxed.  

Realistic budget with a down payment of 15-20% is 150k or less, this puts us out on flipping in nicer neighborhoods because we haven't found a lender that would meet that range. 

im just evaluation my monthly budget for running my business and i was wondering if my insurance should be shopped around...how would you insure 5 properties? 

Of course, a new foundation with the proper drainage tiles and pumps all sealed tight would be great but not on your budget.

I want to find a fixer upper for ~$250- $300k and have an "All in Budget" of about $450k.

It's definitely more difficult to manage a renovation or rental from a long distance, but it's easier than managing an expensive property that might sink you because it's way outside of your budget and/or comfort zone.  

The window is getting tighter, but you are still able to do it with the right properties.

You probably know these points, but I can tell you that it's a good idea to budget more for repairs and maintenance than with other sectors because, yes, they will party.

Also, just so you know, a new investor with a low budget who hasn't provided any detail as to their ability to get financing is not the typical client of top investor agents.