What he will do is maybe come out once a month to show you whatever dogs are still listed when he happens to fit the drive into his schedule, or more likely sell your contact to a local realtor who will get less money for taking you out to see listings.  

Usually I’m looking for a 30K profit on my flips, but the economy and market drives those numbers as well.  

Also, consider alternative means of acquiring properties like Driving for Dollars.  ;-)Are you planning to manage any rentals yourself? 

Because the sponsor can fix up the property and drive income, they can likely produce a 14% to 16% IRR, but initially a fairly low cash on cash return, say 4-6%.  

Your geographical location will not be a driving factor if you can source local third party management.

@Christian Estrella I live in south Jersey but work up in Perth Amboy. 1hour and 15 minute drive one way.

So, I wouldn't spend all you have just to get your first deal, unless you can be confident you can do what @Heather Wilkerson did - or it will be your only deal.Can you split the difference - are there markets within driving distance that would allow you not to consume all your funds, but still supervise your team (agent, property manager, contractor, etc.?)

Does anyone think the main issue can be higher interest rates will drive inflation up and devalue our cash making property a much more safer bet?

We also make it very important to explain to them what we do, why we do it and we also bring them to the properties from doing our driving for dollars to due Diligence. 

It can be as simple as driving by and looking at the yard or a comprehensive assessment of everything inside the unit.