There are so many elements to getting started in this so it is wonderful to have people like yourself providing me with insight along the way.

hello everyone so me and my partner are looking into a off market deal that is 10 lake houses for 680,000. each house has the ability to be rented for 1000 + each month.

The biggest reason for this that I've seen is the ability for each owner to separately complete a 1031 exchange following sale. 

Since you expressed an interest in flips as well as buy and hold, I added the below links for your review.http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property) http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

You have the ability to do delayed financing in the first 6 months, if you paid cash. 

In lower income areas, the biggest concerns brought up were quality of tenants (how they will treat the property and ability to pay rent on time), and also the limit of potential value.

An example of BRRRR is outlined below.https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)https://www.biggerpockets.com/renewsblog/2015/05/26/real-estate-financing/ (RE financing)https://www.biggerpockets.com/renewsblog/2015/03/27/financing-options-rental-property-guide/ (financing options for rentals)https://www.biggerpockets.com/renewsblog/2014/03/06/bp-podcast-060-serge-shukhat/ (0-68 rentals in 4 years) https://www.biggerpockets.com/renewsblog/2014/08/02/passive-real-estate-investing/ (slowly building wealth through passive investing)http://www.biggerpockets.com/renewsblog/2013/01/04/how-to-rent-your-house/ (house rental guide)http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

Since you have an interest in multifamily units I added the below links along with the BRRRR method of acquiring properties.https://www.biggerpockets.com/renewsblog/2014/03/13/investing-multifamily-ben-leybovich/ (How to succeed in multifamily investing)https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a smail multifamily property)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals) https://www.biggerpockets.com/renewsblog/2015/09/30/bought-rehabbed-rented-refinanced-14-properties/ (BRRRR explained)To be more successful, you simply have to work on the other elements to progress your REI pursuit.

If the lender has a certain fixed cost for loan processing and underwriting that has to be covered by the loan fees, then the lender may not offer small loans where the maximum allowable fee does not cover the overhead.Qualified mortgages can not have an interest only period, can not have negative amortization, can not have a balloon payment, and the lender has to ensure that the borrower has the ability to repay the loan.  

We all have skills, dreams, goals, and personality types that bring distinct advantages to your ability to be a success.