Also, a lot of the multifamilies in my area seem to be either in bad neighborhoods or not for sale).

I do not fit into this category.I learn through experience, and I have invested in my properties after extensively driving and walking the neighborhoods in which they are located.

In one state I did foreclosures the NOD was required to be published in a newspaper.

Great example of turning a neighborhood around.   

Take your time to get to know the city, it's a city of neighborhoods some blocks maybe really nice but a few blocks away you'll want to stay in your car.

I agree but the big sharks move in first and it filters down to the little guy You have to have the expertise and vision to sniff out those neighborhoods that might change early An example was downtown Vegas 5 years ago The ceo of Zappos started buying on Fremont street  years ago and investors quickly moved in when they got wind of it Today is a desirable area with upscale tenants Your expertise is to sniff out these events early and take advantage It is not something t  laugh at but to capitalize on thru farming your area 

@Jesse ConnersOkay here's the rule of thumbIt cost 10 to 12% of the value of the house to sell w an agentIf you cant get it cheap enough like 70% loan to value it's not a wholesaling dealIf it's 70 to 85% LTV it could be a listing w an agent or sub2 and a note or a wrapGreater than 85% LTV in good condition and in a good school district and neighborhood is either a lease option, subject to, or a wrap acquisitionThe exit for me anyway on these three acquisitions is a lease to own with 3% downBecause the subject to and the wrap has a due on sale clause issue I want the underlying financing paid off as soon as possible meaning one to two yearsIf it is a lease to own acquisition, I generally assign them and get out of it of itI hope that helps

., but based on the numbers you provided, I predict you will have a VERY hard time qualifying for a big enough mortgage for a solid property in a solid neighborhood, let alone two.  

The property is a HUD home, which is a twin in a nice neighborhood not far from my home.

Why not in your neighborhood?