One you need the equity and you need experience to get loans.. you can buy rentals with limited equity ( ergo the attraction to the masses) and at least as it relates to your first 10 loan slots its pretty much a fico and income thing..

@Judy P.

Of the ones that want an appointment, I schedule one time slot a week.

I would set the days and time slots I am available and the applicants would sign up.

We worked with a real estate broker - Judy Wensloff - who let us know when the property was listed.

It used up one of my 10 slots.  

@Traver Freeman  then what I would do is forget buying one rental out of state.. you should be looking for a 4 plex were you live.. 3.5 % down FHA even a 800k property is only 30k down.. you live in one unit. the other will most likely cover your nut.. you refi out in one year then do it all over again until you have 16 doors all in SOCAL then you will be truly home free... your right 200 a month cash flow if you cannot get scale is a slow bleed many times. you must be careful with your credit. and our loan slots...

Thanks @Jamus Boyd @Dawn Cannon @Charles Ledet @Albert Johnson @Worrell Thomas @Zachary Hendricks @Steven Gersch @Adam Chubbuck @William Mallinson @Sean Lambert @Judy P.

What is sometimes harder is the reserve requirements that increase as you add properties in your name - especially when you split properties and income between yourself and your wife to have more Fannie Mae loan slots available.  

BTW, they count my house in Japan as one of my conventional slots even though it's a Japanese bank loan.