As they say, your network will be your net-worth.3.

I regularly see single family houses that kick off 20% cash on cash returns.    

Is it worth putting <20% down and living in the house for 6 months with FHA?

@Laura Winegardner, for what it is worth, I would certainly play up the naivete of being new to this.  

Is there a resource whereby I can run a search for, say, the last 6 months or 12 months for all properties that were purchased "off market", not listed by an agent.  In my area they are generally labeled, "NON MLS" on...

Land in michigan is less than in texas , north texas.I will give you examples on cost differences.Material prices are the exact same price if not a little less.texas framing price per sqft $2.00plumbing $9500hvac $9500concrete Labor only $2.00 per sqft  Concrete $180yd 5 sackdrywall $10500Electric $8000Ok here are the michigan prices , better sit down.framing $13.00 sqftplumbing $25,000hvac  $20,000concrete is about the same for materialdrywall $20000electric $25000Both quotes were for a 3/2/2 home with 6/12 roof hipPeople in michigan wonder why houses are so expensive , its because of the sub contractors.The plumber only has about $5000 worth of material to do a whole house but yet there still asking for $25000

Did you have your own cash available that you used?

It might be worth exploring options for someone else to manage the rehab and for them to just manage the property once it is ready to be rented.Stay on top of things and don't let it get out of control.

Make sure the $400-$500/month cash flow is enough to cover unexpected costs.It wouldn't hurt to look for other refi options or consider a different loan option, which might offer better terms.

That means the -ve cash flow will be my housing costs.