Investing Strategy/Financing question

[Tyler McKendry]

Hey everyone,

I'm getting into real estate investing. I want it to become my primary focus and my primary source of income over the next few years. I have about $100k-120k in cash available for investment. I have good credit and zero income. 

My plan right now it to buy 2 foreclosed homes in Florida in middle-low income areas and rent them out. ~$50k, ~20-25% cap rate. After this is done, I will have 100% equity in 2 properties but only the properties to report for income. Will this put me in a dire financial situation? 

I have heard of "blanket loans" which is essentially a home equity loan over multiple properties. The last I heard, you needed 4 properties for this operation. Is that true?

Will some community/regional bank accept a person with 2 free-and-clear rental properties, good credit, no income, for a 20/80 mortgage?