I think its really a matter of the availability of the structures you are looking for...we mapped every parcel in Columbus, Cleveland, and Cincinnati and found an interesting ratio and concentration of between 20,000 and 25,000 structures that have a land use code consistent with multifamily...all 3 metro areas have about the same number of people...and I suspect this pattern holds true in a lot of metro areas...I guess the point is the effort needs to be sourcing a deal "off-market"...a bit of strategy can produce the property you are looking for....there are some other building patterns we would with the Low Income Housing Tax Credit program...do you have an idea on the unit count you are looking for? 

For example, a first time BRRRR may trap 10% of ARV, but produced tens of thousands of additional equity creating a great initial return that could counter mediocre or poor initial cash flow to bridge the time gap to where the cash flow is good (from rent appreciation.  

However, I need to refinance to get a better rate and lower my monthly payment to produce more cash flow. 

My thought is that the more cash flow a rental produces, the less money you need in reserves but I'd love to hear other peoples' opinions/advice. 

@Whitney Hutten I did.

I’m definitely his top producer.

If you have a Class B quadplex in the same market, and it produces $50k per year in net operating income, and you know that investors are buying at a 6% cap rate right now, then you can probably assume that your property is worth $833k based on the market cap for this type of asset (because $50k ÷ .06 = $833,333).To look at it in the other direction: If an investor paid $833,333k for it, they'd earn an annual return of 6%, because $833k x .06 = $50k.

For example, if a property is $300,000, and is producing $30,000 per year, That is a ratio of 10 (rents divided by purchase price).   

I mean, even if I'm thinking maybe it's a scam, I can't imagine how this would produce a successful scam any more than a conventional sale with conventional financing.

Thanks Jason-I don’t know: my attorney is saying that as long as they can produce a mortgage rejection letter, they can walk away—the thing is that I spoke with the buyer and they already got approved for a mortgage but decided the mortgage closing costs are too high.