3) How well prepped was your property?

If you move your expectations to keeping some money in, but refinancing out as much as you can then you'll be set up to not be let down from the jump.

My problem is that I have been looking in my hometown because I thought I wanted my first property to be close by to make it easier at first, but I am thinking I need to look in other markets.

Need I be concerned with UBTI?

There could also be a slope issue.

Quote from @Keith Watts: Just starting out and excited to be here...

He seems to be a nice guy but his program is not for the new guy.

If you want to develop it, I can refer you a lender that will lend on a completed subject to appraisal but you'll be limited if you just want it for the lot.If you simply want the land as part of your property, you have more options including a HELOC which you can still use for development down the road. 

The other cities you mentioned should be fine also.

Well I have seen this come into play - I had someone who has a note in florida that was a non-owner occupied loan and the lender claims the borrower failed to make payments on this and attempted to record the deed in lieu.