Erase the bank from the equation completely.

When I analyze deals (before purchasing), I always analyze them at 8% vacancy. 8% equates to 1 month out of the year per unit.

My favorite "feature" of RE investing (aside from it being a physical asset) is the leverage side of the equation.

@Christopher Baustert  - I'm not certain how you equate corporate greed with your inability to remove a forum post -- we don't make more money because your advertisement stays on the site -- the only one who stands to benefit is you.  

6million homes equates to roughly 18million - 32 million, MILLION people!

A system should take you almost completely out of the equation.

But ARV will not necessarily equate to a comparable value.Lastly, do not forget that 10 different trained appraisers can come up with 10 different values on the same property.  

I bought a year ago  and actually here right now enjoying the sun.. and my prop already went up 100k this last year.Not that it matters as i intend it to be my retirement home..and you may want to consider getting on the debt side of the real estate equation. 

You really need to add one more W to the equation---WIND, what do you think of it and how often do you want hurricanes?

The other two options seem to me to be on either extreme side of the equation.