Questitons about getting a 2nd investment property

[Cathy G.]

I bought my first home in 2012. The market did really well and I have the same tenants since 2013.  I hired a property manager and moved to Europe.  Although I have had an investment since 2013,  I haven't been tested.  Things have worked well in my favour.The home has nearly doubled in value and I will have it paid off in 15 years.  

While I am glad that I nearly own it free and clear,  I am considering using the cash equity to buy another home. 

1)  I will buy a turnkey home- do I want to contact a wholesaler? Do they only work with realtors or do they also work with small scale investors?

2) If I am buying in a area that I am unfamiliar with, how do I know if the area is a C D or F neighborhood?  I would like to invest in Michigan- but I could invest in other places.

3)  I have about 140K that I am willing to work with.  In my head, I would like 3 properties. 40K as a down payment for each place and 20K left over.  I would like a tri or quad plex and I will not be living there.  If I look for quads that cost about 150K each- is this likely to be a  C, D or f neighborhood?  What about if it was recently remodeled? Does the fact that someone remodeled it mean the neighborhood is getting better?

4) Last question-  will a bank give a novice investor with good credit three different loans close together? Does having tenants in place help or hurt the loan approval? Does it matter if the tenant is month to month vs a one year lease?