Another contingency is they want us to narrow down our target markets to 2-3 states when using their funds.

This opens another window that has anything for sale or for rent in that area, thus narrowing down your search to just that area.Good luck.

Our current model is to buy low price band assets and rehab / sell with owner financing.  

While my plan will need some flexibility, I want to make sure it is as bulletproof as possible so that I do not narrow my options on future deals.

Consider the following "Band of Investment" approach to Cap Rate development:debt rate X LTV  =  y+equity yield x equity to value = zY+Z =cap rate needed to meet investment returns.Example:        5%loan  X 80%ltv = .04                       12%yield x 20% equity = .024                       Indicated cap rate = .064 or 6.4%As you can see, depending on the debt structure we could both by at the same cap rate but that would not mean we would have the same coc return.

@Natalie Kolodij you could narrow it down to where you don't mind living (west coast, mid-west, or east coast) and then do some research and make sure you can transition to company that fits with what you're currently doing.

You have narrow down what expect your return to pencil out at.

Competition is also fierce, so this narrows the margins between purchase and ARV, our book numbers just don't competitively qualify a property with investors paying cash.You could consider a buy and hold strategy.

@Pete Perez I think a search for "Seattle market" will get you all kinds of results, and from there maybe add some other key words that come up in those threads, to help you narrow the results?

Thank you @Edward B. and @Russell Brazil.