@Ryan A Shumaker, a lot will also depend on the nature of the project and market.Is it a value-add, core plus, core, etc.Often people confuse the preferred return for cash distributions during the hold period (which may or may not be the case) and I always try to clarify that for the newer investors to set the proper expectations.

Let's set the tone straight; most people don't get into the rental business because they like to manage problematic tenants, deal with leaky toilets or attend eviction hearings.Most people follow traditional investment strategies, that are taught to be passive, but that in reality are far from passive for the great majority of investors.At the very core, most people begin in therental business because they believe in the fundamentals of investing and desire to create some level of freedom and passive income to supplement their current income, and at the same time would like to have some sort of control over their investment.There is nothing wrong with this, and i certainly wouldn’t want to discourage anyone from buying rental houses, if that’s what you really want to do.

@Courtney King their main site is http://www.in.gov/core/

COREE is a group (paid) that has monthly meetings and weekly breakout meetings for members.  

I like that you are looking in secondary markets for the cash-flow, and staying out of the core areas!  

Just look at BP here now that I have been posting for about 18 months I already notice the would be wholesalers that get all fired up and never come back and post again.. there are a core group that do well at it no doubt.. every metro has there top dog but for everyone of those there are literally 500 little guys that came and went.One suggestion I like to give is to spend the less than 1k and get a RE license this will teach you most of the fundamentals and you can go work for a shop that does not charge you unless you close a deal and or even better you apprentice with a top agent on their team..

I found this process so compelling and realized that, even having never done it before, I was more sophisticated than the young agent we hired.  

Now it is much more.We could discuss prices, rehabs, neighbors, etc all day long, and what is good or not.Here's the core issue.

I went in last year and took core samples of the wall/ceiling plaster in four locations - filled with asbestos.We have an open offer to the vendor (an estate) at 150K below their original listing price ... they are now only 50K away ;-)The abatement alone will be 30 - 40K, with a total renovation in the vicinity of 120 - 150K, but comps in that neighbourhood go for $250 - 300K more than our offer.

My two cents as an agent who helps investors find MFH properties and manages the units for them: it is hard to find an off market apartment building to buy unless you do it through hard-core networking that you're always working on.