By the way, Awesome thing you did there by giving the tenants an incentive to quickly find a new roommate.

Be sure to check out the local REIAs to quickly find local investors and build your buyers lists. 

Or everything goes perfectly and you get rich in a short period of time .Which sounds more likely to happen?

Basically, your highest offer comes with the most contingencies, while the lowest is a cash, quick-close offer.

This investing thing especially as a passive investor is not a get rich thing but relatively low risk.

I know CAP Rates are only a quick reference, but how do you "quickly" factor in the expenses to rehab a property showing high CAP rates, or do you treat that like you would on SF flips/rentals where you deduct rehab costs from the Purchase Price (which I don't think is how it works)?

One of the advice I would give you if you do start thinking about investing here is don't buy properties that use oil to heat water or heat the property, it gets expensive quickly.

Just taking a quick look at your profile, feel like you're a real expert on this.

To quickly evaluate a a deal where there is no asking price, I usually look at capex required, adjust the property taxes (based on comparable sales) and perhaps play around with the vacancy and reserves.Is there anything I am missing?

Quick follow-up question: deciding then to do the Midwest direction, and to buy and hold for the long-term, is it better to take $75K and split it up as the down payments for two or three properties, and get loans on them, or, take that same $75K, and just buy one single property with it?