Not sure where you are here in a city of 2 million HUD homes that go to investors need major work not a single valve .Too many savvy folks play this game now .I have bought 2 HUD homes with cash back when you get a deal on HUD homes fairly easy , I know the game well .The market has changed so I am changing you must or you will wither on the vine .Have a go getter agent now,I am going to start looking this week feels good . 

Location, amenities, and any number of other factors will play into it.Don't be afraid to contact the seller and ask for historical expenses and turnover rates.

Beware of additional fees for sending you accounting every month, etc Someone who does master leasing does not play those games.  

I am currently unemployed and looking to turn my financial situation around, "I have had it" as Jim Rohn would say, the power of those four words.

I bought my first property (4-plex) 3 years ago in California and my plan has been to play the long game and try to cash-out refinance every 2 or so years to put towards another like property.

I'd say you are on the right track, but don't underestimate the power of a follow up mailings.

Also if you are going to play Landlord then educate yourself on your local laws and ordinances. 

How do existing home sales come into play?

Hey Jacob,My team and I currently manage apartment buildings in a few different areas of the County and have the infrastructure/man power to take on more with relative ease.  

They can work because they want to and not because they have to and that's a very POWERFUL thing in life.