You have to understand how to analyze Markets (not properties) to find the micro-markets where you will invest in.OPM is the only way to go.

But I have enough of an understanding to give me the confidence to go for another LIHTC property if I wanted to.

@Jesus Garcia Maybe you can ask wholesaler to go look and give estimate?

What's the best way to go about this?

You can certainly find towns with cheaper homes, but Colorado Springs is a desirable town that is growing quickly, and will continue to grow for years to come. 

I was wondering if anyone who has done this can tell me if after comparing price per sqft of the building aspect of the project only (cost of land, environmental remediation, and demo excluded) they have found modulars to be a more cost effective way to go rather than stick built.

You'll find plenty of duplex units, but SFR is the way Kansas City likes to go.

That 2% rule would be a good rule to live by if you want to see positive cash flow.Then you have to go find a market you may not be familiar with and immerse your self in that location and get comfortable with the people you are going to work with.Two big takeaways I learned at my local real estate meetups are:1 - Nobody cares as much about your Sh** as much as you do.2 - Next!

I'm following this thread, so please update it if you decide to go ahead with it... 

Anyway, I decided to go in so I got in contract to buy the house.