The new mortgage will add to the debt part of the debt to income ratio, so if you dont have excess income to offset that debt, you may exceed the ratio limits.I like Larry have history of rental income, so it can be included in our income, and the income of future purchases.  

We do have some liquid funds to buy properties and we also have in excess of $700,000 in 401k from previous employers to be able to set up a self directed IRA or 401k.

For larger projects with capital needs in excess of $1M the way to raise money probably won't change materially until the accredited investor revision is revised.  

Just a thought...when I'm looking at properties, excess land around the building is a negative for me.  

One of the rooms they painted had 14 screws in the wall--very excessive.

Brandon Johnson If Foremost won't take it you will likely need to go to the Excess and Surplus lines market; which has companies that will insure high risk.

As to other credits, a lender only allows amounts paid in excess of fair market rents based on the appraiser's finding the rent amount in the future, not as to what your agreement states.

SELLER CONCESSIONSSeller concessions include, but are not limited to, the following:Payment of the buyer’s VA funding feePrepayment of the buyer’s property taxes and insuranceGifts such as a television set or microwave ovenPayment of extra points to provide permanent interest rate buydownsProvision of escrowed funds to provide temporary interest rate buydowns,Payoff of credit balances or judgments on behalf of the buyerSeller concessions do not include payment of the buyer’s closing costs or payment of points as appropriate to the market.Any seller concession or combination of concessions which exceeds 4% of the established reasonable value of the property is considered excessive, and unacceptable for VA guaranteed loans. 

3: At what point would I need to contact an attorney and/or an accountant for my investments, I want to cover myself but also not spend excess money?

Any excess spending on an already 'rent ready' rental vs. buying another rental may be affected by whether or not is makes $en$e -- effect on incremental CF.