The main areas of concern should be the tenant class, which is difficult to deal with and the city permit office also less than stellar to deal with.

It does seem to me like the Deep South is a difficult environment but I'm sure there's a method.

Some of the multifamily properties for sale in what I would consider low-class C to D neighborhoods are asking $200,000 and up for areas, I would be comfortable living (I have lived in the city my whole life so my tolerance is a lot higher than some).

My experience is that we simply have more problems with the tenant base at our class B-/C property as opposed to the Class B+/A- asset we own.

Long story short, if you can and are willing to hold 7-10 years it's fine otherwise buy the next asset class (townhouse or a semi).

@AP Horvath cap rate is going to have quite a degree of variance depending on multiple factors, 3 primary variables being:Asset class type (A, B, C, D)Property condition (turnkey vs value add)Location (especially with property taxes here)Again, it varies on the factors above and if you are calculating your cap rate via purchase price model or projected price model.  

For context I started by buying single family homes and ultimately moved into multifamily syndication.1) It doesn’t have to be either or since you can diversify many types of risk (asset class, management company, geography, etc.) by being diversified 2) Crowdfunding is simply the capital raising part of a syndication outsourced to a third party who market it online for a fee.

From my experience (I took it online) taking the course online offers tremendous time flexibility if that’s what you’re looking for but from what I’ve heard taking the classes in person can offer some great networking opportunities with like minded individuals.

Finding duplexes or any other multis in A or B Class neighborhoods is really touch at that price range. 

@Adam Briley is the duplex Class A property or Class B or C?