I see posts in the mass media and reality shows with owners pounding their chest about 5-10% cap rates or gross incomes ignorant of $100k downpayments + $100k renovations/furnishings.

If the latter, perhaps you can break up the cash out plays and incrementally shift the equity into new deals.

I think it's mostly an appreciation play if you can even cash flow anything.

Option 4: Keep grinding and playing it out slow to continue to save funds and potentially use one of the strategies above in the next 3-6 months. 

That said, the size and condition of the facility as well as the size and health of the market will come into play. 

Is western Mass a good area to fix and flip?

@Dmitry Rockman Panama City has been great, with big plays for appreciation as well.

I want to be involved in the process and do the work myself and see how it plays out. 

Otherwise, you'll be like the masses of other wholesalers who are terrible, cut corners and screw people over.

@Dillon Hudson - It sounds like you are planning to start slowly - The best play is to buy something close so you can self manage - I would buy a house in the woodlands - opportunities pop up every day - get something small in Grogan's Mill, Panther Creek, or Cochran's Crossing - with interest rates where they are (for now) you can find decent cash flow with 20% down.