How to acquire REO's as investment properties

[Dakoda Spencer]

Hey all, I have a simple question. I want to purchase an REO as an investment property but I'm not sure of the process. Do I need to be sure to tell the bank that it's going to be a rental or does it matter? I plan on putting the 20% down on it to acquire it. Please answer for both REO's and normal houses on the market. I live in a small town and most of the renters will most likely be college students. I have good credit score and a couple thousand to put down. I haven't bought a house for myself yet so the actual buying property process confuses me just a tad for now. And please tell me if an REO is much different than a traditional house on the market in terms of the buying process. Most of the houses I look at aren't bank owned but this one happens to be. Thanks guys and gals, -Dakoda