If you want to combine two or more lesser sales into one higher purchase that is fine as long as your purchase meets the timing requirements for each sale.  

It gives them a reinvestment option to complete the exchange and doesn't require active management.

Hello @Tove Fox,You are not investing in a state, you will invest in an individual city.

Most non-FHA loans will require at least 15% down but you'll have to have amazing credit.

These programs offer options for less money down and in some cases DPA - Down payment assistance.As a banker for over 18+ years I am very skeptical when I hear a new name in the business only because its become tougher to lend with all of the new laws and credit/insurance requirements and regulations.  

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Once you hit a certain number of loans (check with your state dept of banking and finance or dept of business regulation), they might require you to have a license.

If so I would thoroughly ready this to see what they require and what you agreed to.I doubt you can keep your permit if you refuse their inspection.If you are doing everything as you should, you shouldn't have anything to worry about.

Figure out market rents, deduct expenses to determine NOI, deduct cashflow you want, plug remainder into mortgage calc at current interest rate, then add lender's required down payment.That is how much you offer!

So I’m trying to come up with a game plan  Conventional loans do require 25% down on an investment property.