Where are your reserves?  

Watch out for your reserves too.

Greetings all,There are non-recourse loans available for foreign investors who open a US bank account and able show 6 months reserves or 12 months reserves in some cases. 

My desire is to achieve a 20% IRR with a healthy conservatism built in (I’m assuming $3K of unidentified deferred maintenance, 4% of monthly gross rent as capex reserve, and 1% annual appreciation).

Never say never, perhaps you can find a partner who want to go in on it with you, or perhaps the owner is interested in seller financing.But, please be cautious about taking on a project like this without some reserve funds.

@Starr Ango don't forget when you buy and hold you need a capital reserve to repair the roof, replace the hot water heater etc as things come up.  

., See Navy Federal's HELOC for primary residences -- 95% LTV!)

Mail Box is illegal from my understanding because it is technically "federal property" if I recall correctly.

Now...you do need to stomach the frequent little repairs, sometimes late collections, state or federal agencies (who pay a portion of the rent), and/or sometimes the out of place request, but that's worth 10% for me as I only get about 1-2 calls per month from my PM :)Best of luck how you proceed...

You'll also need cash reserves.3.