If you don't have capital (IE you are trying to wholesale, wrap, subject-to, or seller-carry creative financing), you might be better off moving to the area where you want to invest, it would be extremely difficult to do that from overseas profitably.In my experience, I'd stay away from the low grade houses and focus more closely on Multifamily, particularly larger properties as the price per unit and price to rent ratios are closer to what excites you about the low end homes, but with less risk and greater economy of scale.

We've found that most active flippers also value loyalty, reliability, extreme speed, and ease of closing.

@Brandon Turner posted a good anecdote about this recently: http://www.biggerpockets.com/renewsblog/2013/01/21/rockstar-investingBottom line is this is generally a red flag to be extremely cautious.

I'd love to have the HELOC, I'm extremely skeptical about doing a full refi because I don't want to be paying interest all the time.

That is an extremely long time to be on the market without a tenant.

But I think it is extremely difficult/nearly impossible unless you meet the exception(s).

I agree with @Troy Sheets a good "rehab electrician" with the proper tools is extremely valuable.

@Dailin Fajardo I have invested in Miami Beach area and I love that market but it's extremely competitive, extremely cut-throat, really tough for an inexperienced investor to get deals or even attention from investors, agents and some buyers.

This includes files that many of us use and contacts that are extremely valuable.

Believe me, we only target a few of these homes a month based on extreme due diligence.