Most of these homes are very poor locations and very poor condition.You need to hire someone to go out, access the property (drill out locks, install new locks, and install lock box with keys,) clear the property (many of these properties have squatters living in them,) secure the property (lock windows, fix broken/unsecured points of entry,) evaluate the home, build a rehab budget, and send over pictures and/or video.There are several GC's and home inspectors who are offering these services for the MI/OP clients.

The barrier to entry there is way lower than Fort Lauderdale / Miami and deals seem to be more abundant from the research I have done.  

It seems unlikely I'd find a deal on a property that's significantly lower than the market average.

If you wait a year you’ll be in the lower capital gains tax bracket.

Ya actually that is one of the lower ones around here ive seen too.

Your capex/vac/repairs is pretty high, so if you lower that to 15-20%, that should provide that minimal cash flow, unless the place does require quite a bit of capex/repairs after your reno.

I dont care if i can get cash out just want to refi the property in time of the note expiring and lowering the interest rate and amort it over 20-30 years.

I always wondered how professional athletes make their entry into the real estate world.

Many areas have home stead exemptions that can significantly lower the rate. so what current owner is paying may not be what you will be paying.Also what is the valuation the taxes were figured against compared to new sales price. those taxes could raise significantlyYour insure estimate would be extremely low compared to my area in Georgia.

We were able to get a 80% of rehab value on a 20 yr term at 6%.We decided to wait and do a traditional mortgage since it would return more of our cash and get us a better rate as well as a lower monthly payment.