That is a common arrangement as well, that can be done after the loan has closed, too. 

so you're recommending that my starting point should be finding a real estate agent, utilize theirbknowledge to learn about the process, and get referrals for good loan officers.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Rather, my agent checks out the property, provides about 40 pictures, and a rehab cost estimate. 

The sale of our home will provide us with approximately $150,000 to allocate toward investments.At this stage, we feel most comfortable focusing on long-term rentals.

Hey Marcus welcome to the community, I work in the Kansas City area and could provide some value to your investing journey.

Another way to say is that what is the value of the property (today) compared to what is owed on the loan?

You all have provide great information.

There are several myths that we have to debunk before someone truly believes they can do it.You need millions of dollars to do a dealThat it’s too complicated to figure outThat permitting takes yearsIn those communities developments cost way less (think a couple hundred thousand along with a loan from a regional bank), permitting is not difficult (much less red tape), and the towns are small enough that both the city staff and the local architects and engineers and contractors all work with you to help you navigate the process since you’re all invested in making your community better.Note: The big boys can play in the primary & secondary markets.

I'd need the interest rate to be roughly 5% to breakeven on an interest-only loan, and was considering a balloon payment in 5-7 years.