Depending on your price point, that will dictate where you can go.

Your goals in REI will dictate which direction to go. 

Your state or county will dictate minimum requirements otherwise it is based on the lease. 

@David Chapoell most likely your strategy will be dictated by the purchase prices in your area.

I would give her the standard grace period (whatever is dictated by lease) and then let her know that she is late and you will pursue whatever remedies you have at your disposal. 

Unless ::  legislation gets  passed which will dictate for better credit reporting and not allowing lenders to hold these programs against borrowers 

and well to make it short, my conclusion was " I was not doing things right" "I failed my self and my family for relying on outside sources to take care of us" This time going forward I am more committed than ever to pursue my journey in investing and never again rely on things that are not in my control dictate my well being. 

This is largely dictated by the zoning requirements of the local municipality. 

Size is what dictates this.

Cash, financed , how much down , what terms .. etc that will dictate what you can afford cap rate wise.