We buy them for cash and we're comfortable with them because we live here and real estate is our full time business.  

Be very comfortable in the asset class.  

You would want to get familiar with the area, see what areas you would be comfortable with, and see what the rent rates are.

Is he delinquent in child support?

Ohio may be a bit too far for your comfort level but there are some amazing cash flow areas in that state as well.

I'm comfortable with putting around $75,000 of my own cash in.Question: Should I get a hard money (or private money) loan for the difference (plus rehab), rehab it, then refinance it at 80% LTV w/ a conventional loan?  

I have a comfortable cash reserve of appx 5-6 months rent.  

I will take on flips if the opportunity presents itself, but right now that world seems foreign to me and I would not be comfortable operating in the realm yet.Anyway, I am looking for some other real estate newbies to connect with to share stories, personal and professional growth with, and basically have someone on our side who is experiencing the same things.  

Guest spills on sofa, rug, comforter cover?

I know I'd feel more comfortable having them now so I can hear where the ARV more accurately would be.