Then ideally, you have already profited $30,000 because you stayed under the ARV.STEP 2.

If this is what you have been looking for and you have talked to the seller and found out his story of retiring from the game, looked at the numbers and it makes sense for your "WHY", then all that is left is to execute on the deal and stay on course with your due diligence on the asset itself. 

I purposely staggered the leases to expire 2 months apart, and I made them shorter so that I could get a feel for the tenants and address any issues with a new lease if they opt to stay on.

To answer original question, if there is no rentals listed on any sites it can mean that rentals are in such high demand that none stay on the market long, or it can mean rentals are in such low demand that landlords do not own there, or it can mean the market there is seasonal and you are looking in the wrong time of year. there is no way for us to know which. best way is to talk to local investors/property managers and see what they say.

Is there a value range you have to stay under?

Wow long does it take for you guys to find tenants and how long do they usually stay before leaving and buying a place of their own?

Areas to stay away from?

Also, I was applying only with my income as wife is a stay-at-home mom.

I’ll be trying to do something similar on my next property although I may try to stay under my remaining second tier entitlement and put 0 down.

Are there any areas that we should stay away from (higher crime, etc)?