You could try to find something that needs some either minor or major fixing up, and adjust your budget lower to account for 50-100k in renovations, or start searching for a lender that can help you with the construction costs, and then pay it off once the renovations are complete with a refi.

I cover both Myrtle Beach and North Myrtle and would be happy to help you identify some cash flowing options within your budget. 

Also worth noting, unlike the stock market where you can buy into the broader market and the market price is set, real estate you are buying a single specific deal where prices are not set.

@Jason Allen a wise question, but there's no specific industry standards in the SFR area, like there is for MFR.Read below for what we use:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.When investing in areas they don’t really know, investors should research the different property Class submarkets.

They have specific operators and deals that they will get paid a referral fee on and they want you to buy those deals. 

I was wondering if anybody had some area specific issues to keep an eye for and what are the BIG problems to avoid.

Find a specific area then find different properties in that area to analyze deals in order to see what works.

But they put on things specific to the foreclosure being done property like the power of attorney for the foreclosing company to act for the bank owner. 

Don't know this specific "mentor" but I would typically advise to steer away from them.

I’ve been working on a budget, financial plan, profit & loss etc.. in doing so I’ve been “auditing” all of our bank accounts, line by line.