They are mostly in C- /D Areas.

I reckon that if you want to be a commercial player, you need to go outdoors, to meet and greet commercial people!

@ eric fernwoodEric - I think you should try to sell this posting of your to newbie for $10K a head, and they should all thank you....LolI have a friend who bought 56 "doors" in Class C (D?)

Meaning, we aren't going to deal with small players.

It might make sense to take the money put it in a 3 month CD so you can't access it while you determine what path you take.

We have also ruled out investors in 'subject to' deals and players in other no-money down invesment methods.

. - this is a class B in a hot part of PHX (note the terrible cap rate) http://www.loopnet.com/Listing/19970933/38-E-Marip...This is a C/D area: http://www.loopnet.com/Listing/19848444/2525-E-Mon...Breaking down the city by ZIP is arduous, but there are 2 basic categories of stuff you find online:1) Garbage with 10+ cap rates.  

2) Resources (already answered)3) Area considerations (A,B,C,D neighborhoods)4) Expected returnIf you know the answers to these four questions then you can start finding an area and assets that will fit your overall parameters.

In the case regarding your Appraisal Fee, If there a valid reason like in this case they had to order a rent schedule, the fee can be charged and a valid change of circumstance letter should along with LE or CD should be provided to the borrower. 

If you are looking for a 10 cap, you will be limited to C/D areas - on the North side you will be pretty lucky to get a 8 cap.