Loans for rentals help!!!!

[Korey Hauenstein]

Hi BP, I have started looking into houses to invest in. I am either looking to do the BRRRR strategy or a turnkey rental. I was told by a family friend who has invested with his own money in rentals, that I need to get pre-approved before I do anything. First is this true? Second- What kind of Loan should I go for? Third- what kind of rates are normal for a rental? Finally- I was also told the minimum I would need to put down is 20% - 25%? I know this is basic, but the loan part is my weakness so far. Thank you for any help!