End Goal - This is usually something like $10,000/Mo. income, in present value dollars.Time Frame - The shorter your time frame, the more initial capital and credit you will need.LocationLocation is the most important decision you will make, not the property.

Per usuals on first flips it took longer and we blew our initial budget however it sold for more money than we anticipated when we purchased the property, so we still made a decent profit.What made you interested in investing in this type of deal?

@KG Morgan I’d initially keep looking in your own market particularly if you might self-manage your first few properties.

On one hand we bought the property, for all its risks and all its benefits and on the other, it was initially owed to the previous owner but perhaps was one of the reasons they chose to sell.

@Hayden Wright higher cap rate is not always better, capture initial equity through value-add, reserves should be substantial and you will likely use them, if you buy off of a long-time owner be sure to budget for insurance and property taxes to be a lot more than they’ve been paying, buy in an area where rents and property values are going up (good market fundamentals like lots of jobs in diverse fields, affordability (wages can pay the rent), population growth, good schools, low crime etc.).

Underwriting is a crucial aspect of being an investor, as it lets you how much should you be willing to pay for a property based on performance.I had to struggle a lot with underwriting initially.

Note OP here is not talking about managing remotely, he's talking about doing the initial setup remotely. 

So the reason I'm not sure if it's a "like" property is b/c the initial investment was a 173 unit apartment complex worth almost $8M.

I have hope that we initially put our offer in with FHA and then they talked to us and gave us the counter offer of us switching to conventional.

I also believe this is not spam because the buyers took initiative to inquire.