I would think you could find a duplex/tri/quad that would produce more cash flow for the same or similar investment.

Soon, I would like to start rehabbing and flipping properties around Frederick, Maryland; with the eventual goal of being involved in buy and hold and producing some passive income for my family.

I need to spend some more time on this site and do some more research...I've heard of some REI clubs and groups out here in LV too that regularly meet.

I use the search resource which Tim mentioned above regularly to sharpen my understanding of things.Best of success to you!

You can make the REO contract contingent upon regular bank financing. 4.

Regular bank/broker?

The main reason I hired someone else is b/c I wanted a local mentor who I could meet w/ face to face on a regular basis. 

., income producing assets, not a job like fix and flipping where you have to turn the crank to produce income) a 10% cash on cash return is pretty good.

I used to do that regularly.

Otherwise, it's a loan and will count against your debt to income and you will not have produced your own funds for a down payment if one is required for the program.