Just as a heads up hard money won't be an option.

I'm a REI in Roanoke with out too much of a head start on you.  

I was headed out door to look at the property. 

@Anthony Gayden that’s interesting that you say that because that is where I’m headed next.

Just a little heads up!

Thus the real world risk of arbitrage is rearing it's ugly head.

Also, they will limit your rehab cost budger/amount ( If they are practicing good business morals, a HML won't/shouldn't let a newbie get in over their head with regards to rehab, unless they want to foreclosure on you, which is sad but true).

Man you hit the nail on its head SO HARD.Sellers being so damn unrealistic with their sale price.

I would recommend heading to meetups, REIA meetings, etc to talk with as many investors as possible, preferably in the markets you plan on investing in. 

I like where this is headed.