You might want to strategize with your agent to look for properties that have been on the market a "while".  

I'd been thinking about a strategic way to diversify my investment portfolio to include investments not dependent upon the stock market, then a friend and fellow BP member) told me about this site.

Also, if done correctly and strategically, buying at a discount, rehabbing, renting, refinancing, and repeating, would allow me to build a healthy portfolio, generate a little cash flow, build equity over time, maybe 1031 exchange (defer taxes) some of the smaller properties for a larger multifamily property that cash flows more, and builds more long term equity. 

Unfortunately, most association boards do not fully understand the budgeting process and do not maintain sufficient funds for the long term.If you are looking for an entry level investment, I would suggest either a townhouse or single family home that might need some minor work that you could do yourself, or join with some friends to create a larger fund to acquire a more robust property.

Indy is a good place to for REI, done strategically.

You are trying to identify and utilize hussles, your network, and specialized knowledge to your strategic advantage to add value to the transaction, earn your discount, and beat out your competition ... this is a theme that I find repeats itself often in investments and life.

Also, the rental market for the $250k and up segment isn't nearly as robust as sub-$200k, generally speaking.Perhaps, consider finding another investor to partner with on a few flips, to build up your available cash to somewhere in the $100-150k range.

Buying for cashflow and adding value with strategic improvements to the property, rent increases, etc. has been our focus. 

This will keep both grants robust and sales prices increasing.

My intention is to only sell for strategic (after tax return increase) or catastrophic (unplanned) reasons.