Mostly out of state turnkey properties with good 9-10% cap rate in relatively OK neighborhood.  

I base that on requiring an 8 cap. assuming a 50% expense ratio and a 16 cap on the additional rent that you create. 

I recently got an offer on a portfolio of rental property, promised to be turnkey with a great cap rate.  

Rent $ 119,460.00 Vacany (8%) $ 9,556.80 Effective Rent $ 109,903.20   Water $ 4,000.00 Gas $ 10,000.00 Electric $ 1,500.00 Taxes $ 12,000.00 Insurance $ 5,000.00 Maintenance ($500/door) $ 7,000.00 Cap Ex ($250/door) $ 3,500.00 Management (9%) $ 9,891.29 Landscaping/Snow $ 3,000.00 Accounting/Legal $ 1,500.00 Trash $ 1,200.00   Total Expenses: $ 58,591.29     NOI $ 51,311.91 

My rule of thumb for a rental is that the cap rate has to be at least 3 percentage points above my cost of funds. 

It is definitely tough to find the deals, but they are out there and you can get actual 8-9% caps with decent cash flow.

DO NOT GIVE EMD to the seller in a short sale (my caps are deliberate); if anything you put the EMD into escrow with your choice of closing agency.

Yeah, I ran into that before, Non-OO is always capped at 2% from what I've read(and run into).

Of the bat my cap rate would be 14% but there are some minor repairs probably around $2000 but I would't repair until the tenants leave.

They actually "cap" the ACV based on a metric they use.