I have clients of mine that I have helped buy 100s of these price point homes.. they make it work because its their JOB... thats the only way to make this price point work long term .. but you will find that out over time.  

A 10% cap rate is commonly used, but is a generic number.

and how is your credit.if you have a little bit of money IE the 3.5% it takes to get a FHA loan then just go that route you need a job and credit as well.if you cant qualify for a FHA loan there  are not going to be any private lenders going to do anything with you in any capacity... remember those books are just ideas and maybe someone gets lucky but its not the norm by any means.. they are selling dreams..

Hello Raul, Great job on getting the lead.

Flipping to build chunks of cash to invest in buy and hold rentals is a common strategy.

Depending on the job, it could be similar in price to installing the stairs inside with all the engineering that would be required.

I work a full-time job in the restaurant industry, which I would love to get away from because I would like to spend more time at home.

Back then, you could take the check ed Mcman sent for$ 6,000,000  to a lender,  have no job and a 500 credit score  and get about a million,  albeit,  at 10%.  

I am sure some of the hires are getting on the job training or recent graduates of trade programs and may not have a lot of experience.  

What is common practice in that area?