They foolishly think they need to keep the rents low to hold onto "good tenants".

I am interested in buying and holding homes and also flipping houses.

The plumbing seems to have been repaired in a handful of places (drywall was removed, and new copper fittings are in place).

You might start out as a bird dog at first and bring them some solid leads and take a small finders commission to build the relationship, and then ask to work with them on a deal you bring them to learn hands on. 

The property is a Short Sale.PP-$275KARV-$410K - $430K (most recent comp sold for $457K 2 weeks ago)Estimated Rehab Cost - 60K (unable to walk the property until the offer is accepted) Holding Cost - $1200 Per Month (6 month estimated hold)Buyers Closing Cost - 3%Seller Closing Cost - 3%Realtor Commission - 5%I am looking to get the loan from a private investor and will be looking for the loan to cover purchase, rehab and holding cost.  

Just be prepared to hold it for a while until folks can afford to buy / rent again.

I've done a fair bit of research over the past few weeks, reading books such as What Every Real Estate Investor Needs to Know About Cash Flow, The ABCs of Real Estate Investing, and Investing in Duplexes, Triplexes & Quads.As I'm starting out, I'm interested in investing in single family residences and 2-4 unit multifamily for a long-term buy-and-hold strategy.  

I recommend reading some books on purchasing real estate, buy & hold, flipping, etc. 

We weren't going to buy it as a flip though, it was going to be a buy-and-hold with one of the two houses rented out.

The best rental market hands down is the city were you own a property with the best cash flow and least amount of vacancy and maintenance.