I only buy homes that I would actually live in - quality.  

Actually, mine is a home purchase loan (not construction loan) and he is technically selling it to me after completion with his investment and his friend's.  

My dad built hotels, actually some all over the world for Holiday Inns.

thanks for the correction, I actually meant correlated. so you think conventional rate might hit 4%? 

I do not have personal experience investing in flyover states, so take this with a grain of salt.This is my 'gut reaction,' which could 100% be totally off & I'll defer to those with actual experience 100%...Any place you are buying that has tenants paying 2x in rent what they could otherwise pay in PITI because the [ $70k * 3.5% = $2450 ] down payment is too much of a down payment for them to save up, isn't exactly going to have high quality low maintenance intelligent people as tenants. 

I read another post from a BP member from 2 years ago and he described the whole Harris county auction process and he said the same thing that it was really a mad house, everyone crammed in real tight, auctioneers not speaking loud enough and maybe didnt know what they were doing, people (maybe newbies) bidding up the price to or above retail....just madness.But it is something I'd like to see and more important meet some of the investors, people who are actually buying properties and doing it.I might hook up with the group you were talking about, my only concern is them taking away time from seeing the action and meeting the players, but it might be wise for a first timer to go with someone who can show me the ropes once inside .Bad thing for them is, thanks to BP there really isnt any way i could see myself coughing up any money for information that i can get here for free.

I'm Sam from Houston  (Pearland actually) wanted to introduce myself and hopefully connect with a monthly meeting up group of some kind.

BP can be good for the reality check!

Note: My mom also just bought an income property and she is having a similar problem...only she actually let them move in and now they are refusing to sign the lease for the amount they agreed on...

I bought a SFR, my childhood home, actually. :)  It had been out of the family for years, so when it went on the market, I decided to buy it back.Where in Iowa do you have family?