Rooms for rent for $1000 or less are in high demand. 

Where I have seen "open concept on the way out" is in the very high end properties.  

Also, business cards are evaluated differently and high balances aren't treated as severely, if at all.My main concern is how to structure a deal so these get paid back in a timely manor.

Driving for dollars is definitely another great way to potentially find motivated sellers.    

Definitely looking to do it the fastest way even if it costs money.

It means the bank has already foreclosed and they didn't sell it at the auction, either because no one bid or no one bid high enough for the bank to accept and they thought they would be better off selling direct to a buyer on the market.

@Sean Osborne use the BP search feature to connect!

I'd recommend pushing density to 3 or 4 they all finance the same. we picked 3 because of the 35' height allowance in our area. here is a rendering to help paint the picture. our target appraisal value is 550k on the first few and pushing them to more than 600k as we sell some or keep them but if you are the only one building multifamily it's important to highlight the importance of appraisal and selling or disposing of some assets to create comparable to be used. our market has very little 2-4 units built because of economies of scale we are the only builder doing this style and we control the full process and it is a high barrier to entry where we are at. we are able to build at a lower cost now than almost buying a duplex because they are so small. each one is 668 sq ft total of 2004 sq ft. 

It will spell out exactly your obligations and give you definitions so you are using the correct terms. 

Some gurus go as high as 70%, IMHO that is too high, leave some cushion for your private money people to sell in case you get hit by a bus.