You just have to be patient, get good (and quick) at underwriting, and then the secret sauce, which I was told by a much richer investor is: be FAST to lock them up, and SLOW to do your DD in escrow.  

I took second position on a property in the ballpark for 100k that was paid directly to the bank to bring current. The value of the home was around 1 million, after the loan 700k owed on property. Well several months ...

I don't see this market slowing down for a while. 

I have 2 rentals there and it is currently the slow season,  however the spring and summer has been good rentals. 

@Karl Denton a slowing market may not be the best time to invest in a questionable area.Many OOS investors set themselves up for failure because they don't truly take the time to understand:1) The Class of the NEIGHBORHOOD they are buying in - which is relative to the overall area.2) The Class of the PROPERTY they are buying - which is relative to the overall area.3) The Class of the TENANT POOL the Neighborhood & Property will attract - which is relative to the overall area.4) The Class of the CONTRACTORS that will work on their Property, given the Neighborhood location - which is relative to the overall area.5) The Class of the PROPERTY MANAGEMENT COMPANIES (PMC) that will manage their Property, given the Neighborhood location and the Tenants it will attract - which is relative to the overall area.6) That a Class X NEIGHBORHOOD will have mostly Class X PROPERTIES, which will only attract Class X TENANTS, CONTRACTORS AND PMCs and deliver Class X RESULTS.7) That OOS property Class rankings are often different than the Class ranking of the local market they live.8) Class A is relatively easy to manage, can even be DIY remote managed from another state.

I don’t raise the rent year-to-year with tenants, but when I am searching for a new tenant, I research both the government’s fair market value calculator and what the market can bear and that is where I set my rent.Prior to every new renter, I have the entire apartment deep cleaned by a professional cleaner and the carpets are shampooed.

It includes throw tenant’s leftover to a dumpster, change the floor, clean the yard, paint the whole house, deep cleaning the whole house. 

With the landlord/tenant laws being fair and the taxes being low, I dont see it slowing any time soon. 

This will allow you to warrant a higher rent as well as retain your tenants longer.As for me, I am slowing up my acquisitions at the moment.

I think is has more to do with the fact that there are a lot of rental properties in Fridley and the market is showings signs of slowing.