Assuming 25% of income for rent, which is probably low for what most people actually pay, you are talking about a resident earning between $26,000 and $30,000 before taxes.  

Try saving your money until you can actually invest in real estate, or partner with someone who already is.

In addition, the property tax rates in the state are some of the lowest around, which makes a big difference. 

I also have access to leads such as expired listing, probate, tax default, NOD, Absentee owners, and etc.

I know I can't write off the lost income, i.e. if it'd rent for $2,000 a month, and I donate the use of it to the church, I can't write of the $2,000 as a charitable gift.I know if I just treat it as a 2nd home, I can write off the mortgage interest and property taxes, but how do I set it up so I can write off the entire mortgage, insurance, utilities, etc?  

Find out the taxes for the year.  

What I keep finding out is that my target price is always at least 20% below seller's asking price.Here are my rules/metrics:total economic loss after property is stable is 12% (15% in lower quality areas)incremental rent growth after the property is stable is 2%expenses grow by 2%/yearproperty tax is 90% of the purchase price multiplied by a local tax rate (usually doubles tax from whatever seller pays)payroll $1000-1200/unit regardless of the property size (brokers claim that 30-units don't need payroll but I don't believe them :-) )reserves of $300/unit counted in expensesexit cap rate is 100 basis points higher than current cap rate (e.g. exit at 8% if current cap rate is 7%)cash-on-cash ROI 10%+ starting in the second year; first year may be lower if this is a value-add5 years total ROI (assuming sale) is at least 100%IRR 15%+ over 5 years (al ROIs are net to investors after 20% sponsor override)I can adjust may metrics to some degree but in order for me to get to the seller's acceptable price I have to adjust most or all of them to unsustainable levels.So, what should I do other than keep underwriting and waiting until the market turns down and all of a sudden my numbers would make sense for a seller?

Seems most people on this post only read half the OP's original post, every title company in town is fine for a "traditional" transaction, but how many are actually investor friendly, save investors money, get complicated title issues resolved fast and understand non traditional funding and items such as assignments and do double closes?

Inspection cost-Lender fees-Closing cost-Mortgage payments-Property taxes-Utilities-Insurance-Commissions-Selling closing cost-Home warranty-Termite letter-MLS fees-

Mine has been MFU 5+ near schools and looking for applicants with children, no pets.Current marketing PLUS is single car lockable garages - - rare and save tenants cost of storage spaces.