Most banks won't finance you unless you (or a partner) will live near the home and can have a pulse on the operations.

The way I've traditionally used them (i.e., simply transferring from AmEx to Delta SkyMiles), they're only worth 1%...well maybe a bit over 1.15% because I also have a personal Delta AmEx which makes mileage tickets come at a 15% discount. 

I have since transitioned to Baselane for my banking and bookkeeping purposes.

Quote from @Kelly Bankes: Thanks for this info, Rob.

I have also helped a variety of both local and OOS investors buy in the metro using owner occupant and traditional investor financing.

So if you are buying a property the traditional way, using an agent, you won't usually get answers when it comes to the condition.

The process is pretty simple, but it does involve extra steps compared to a traditional rental.

You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.

There are minor functional advantages - such as cheaper closing costs due to not having to perform bank required steps.  

Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!