The first thing I'd recommend is focus on a market where you either 1) currently or have previously lived, 2) have family/friends that live there, or 3) travel to/vacation there frequently.

Our portion out-of-pocket was the $3K deductible.I'm friends with numerous apartment owners. 

Hi dear friends!

Can you imagine taking a couple days off work, looking for a new place, paying for new applications, putting down deposits, renting a moving truck, finding friends to help you move, paying to clean your old place, and so on to “Save” $300/yr? 

While there are repurchase agreements on secondary market loans,if the bank does buy it back then they would hold it.Another reason not to sell to Joe, Bob and Joe are friends, Bob gets his note called, Bob calls Joe to be a straw man, Joe approaches the bank to buy and the bank agrees to a discount.

Patience can be your best friend and if you attempt to over leverage a property it can come back to hurt you.Some will recommend buying subject 2 where you could take over an existing mortgage that could be at a substantially lower rate - but if the lender finds out and calls the loan that could also be very bad.

Find local specialist in your area is huge.2. close to public transportation.

The house I am looking at is a private sale from an older family friend moving into senior living (discounted).

Friends Title is attorney-owned and investor-friendly. https://friendstitle.com/

The owner is a former mortgage underwriter and she is preparing documents herself and having her friend at a title company execute the sale.