I need advice on funding the deal.I currently have limited funds (due to the Dave Ramsey pay off debt snowball), so it's making closing this deal a little more difficult.Here is the dealTri-Plex – 11.8% CAP Rate – 20.56% COC ROIPurchase Price $105,000 ($2,000 non refundable deposit to secure this property)Current Gross Rents = $1925/monthExpenses = $8328 (Taxes, Insurance, Utilities, Maintenance) Value Add in expenses by charging monthly fee to tenants for Water and Gas current owner pays and is in above expense.Washer/Dryer in units.Top Floor 1 Bed 1 Bath - $650/month - $40 Late fee starting on the 5th of the monthMiddle Floor 2 Bed 1 Bath - $725/month - $40 Late fee starting on the 5th of the monthBasement Unit - 1 Bed 1 Bath - $550/month - $40 Late fee starting on the 5th of the monthRent = $23,1005% Vacancy = (1200)Expense = (8,328)NOI = $13,572Cap Rate = 11.08%CoC = 20.56% after debt service of 75% LTVReturns calculated with $15,000 in renovation expenses once tenants vacate.

The area where my mom lives is inexpensive and seems like pure cash flow could be $300-400/ month or more."

Based on the value of a property you can likely get away with a inexpensive desk top study such as condos and you will require a more comprehensive engineering study for larger properties like a 4plex.Desktop / modeling options are sometimes good for smaller residential like you mention. 

With no limitations on growth, undeveloped land remains inexpensive.

California investors buying inexpensive midwest properties that look great on paper but the reality is often a nightmare of repairs and non paying tenants...

With so many inexpensive homes there and the median income being so low it's a tough market. 

They are in most inexpensive markets.

He purchased a relatively inexpensive ($210k), 3 bed 3 bath townhome.

At 1700 rent, there is no way you are paying 850 a month, or 10,200 a year in expenses.

House hacking works in most markets but especially well in expensive markets like California and Miami