With this said, it's looking less and less possible to go the FHA route and have the following possible conclusions:Multifamily property values are reaching their peek (at least in my prospective markets; surrounding the Chicago MSA)Investment properties on the MLS suck (lack of a better word)Finding a property that works via FHA route is a diamond in the roughOverall, what do you guys think or recommend?

Throwing out tenants property without following proper procedures can come back to bite you when the tenant claims there was a priceless diamond necklace in the end table you carelessly threw away.

I was quite impressed and decided to affiliate myself with the LuxHomePro group at the Diamond level.

@Thomas LongGet the ball rollingThink about it- If you believe you have discovered a diamond in the rough, why not start digging?

Definitely not a dump and not a diamond in the rough either.

But there are still some diamonds in the rough available. 

Normally I suggest listening to the podcasts or reading the blog posts but it sounds like you've already go that covered :)As far as networking, Bigger Pockets has a great member search feature you could use to search for members in Rhode Island, then you could reach out to some directly.You could also attend a networking group in or near Rhode Island such as RIREIG or Black Diamond REI.

These diamond certified this and that will give you a quote so high and they tell you they are the best money can buy.

Also you may wish to check out local investor groups such as Black Diamond REI in southern Mass and RIREIG in Rhode Island.Since you just bought your first property, I would recommend taking at least 6 months, 12 would be better, learning how to be a landlord of your first rental unit before acquiring another one.Learn about renting a unit out, tenant screening, collecting rent, repairs, capital improvements, handling moveouts, etc.

But I don't know the specifics so maybe you found a diamond in the rough.