That leaves off-market deals, which seem to have the most opportunity to find deals that actually make sense. 

Giving you a follow.My wife and I are looking to have a similar portfolio in the next few years.Currently in the process of securing our next investment property.We are actually looking to invest heavily in the LTR market in the area.

I'm actually going to turn the 4 BR 2B into a sober house for recovering drug addicts/alcoholics - I will have 8 tenants paying 400.00/month.

Or even if the above question is a valid and logical one where I am comparing potential returns to practical and actual returns... profits that may never realize. 

But no actual cash I'm willing to part with to get started.

I actually offered them more, since moving is a PIA.

(It's actually a property that I've eyed for a couple years, just daydreaming, & reached out to the owner llc during that time but never heard back). tl;dr My idea so far to purchase would be a short term 12-16 month hard money loan, 80% purchase w/ 100% renovation, with private money coming in to fund the 20% & points, refi'ing into a conventional note with my local lender who I have a decent relationship with when the first note balloons. 

-DanThe wall here is actually agreeable gray....

The other at $180k, is in an area where new builds are selling for $300k plus, and are actually selling.

I'm actually considering starting a Triad office in the next 3-6 months because we manage around 100 homes in the area.