If you are planning to do this yourself, even a guru course is less expensive and more helpful than an MBA.

I can tell you that I've done a few hard money loans to other investors in Killeen recently, and they've never had problems paying me back, so use that as an extra data point.Personally, I'm both too lazy and not organized enough to do deals more than an hour away (unless they're truly phenomenal), and I tend to discourage new investors from doing the same, although if it's truly your only entrance avenue I would say at worst it'll be a cheap education.

The idea that you can buy a note from the bank at a much deeper discount than an REO from a bank is quite unknowable. 

Typically an asset sold at a higher cap rate probably has more risk than an asset sold at a lower cap rate.

I could ladder some bonds at my age and it would be better than an annuity IMO. 

And as mentioned the LOC will hit your DTI whether you use it or not so I would get that after you've exhausted your fixed rate options.

In an appreciating neighborhood (rather than an established one) where I'm not afraid to walk around at night by myself.Multiple exit strategiesB class tenants (yes tenants)Probably something I'm forgetting right now.Internal Rate of Return is another metric that matters in the coastal states especially.

Ben S.You should exhaust your ability to borrow conventional money first.  

But does a 20% target make it better than an 11% target? 

Rent ratios here are terrible so I'll likely invest more than an hour away or even further (out of state).