Being that it was my first property, I ran into many surprises, and learned allot.

While I didn't by the home from the real estate agent I still learned allot about what landlords look for .

At a minimum, you should probably be very generous with your estimates for vacancy and repairs - your CapEx allotment will of course depend on the property's condition.On the surface, the numbers don't look bad, but I don't know your area, the crime rate, the neighborhood quality, the economic trends of the area, etc.However, I can tell you this - assuming you're buying it with 20% down, there are worse ways to risk $10,000-$30,000.

But there are allot of situation that needs to be covered.

I'd like to create financial freedom, and I feel real estate is going to allot that freedom.

If you are denied the loan, or you can't get it at the right price, you can cancel the contract - as long as you do it within the alloted timeframe, which is stated in the contract.Why are you so concerned about this before you make an offer? 

There is allot that goes into Property Management that many people do not take into consideration.

And if you ever have your bank accounts frozen by a court, you'll have the dickens of a time getting the deposits back to your tenants within the time legally allotted.

Its hard times and sometimes people will say yes to just about any offer especially if their property doesn’t see allot of them come by to often.

I have contacted Wells Fargo for HELOCS on these properties but was denied because they were in an area that WF only allots a small percentage of funds to invest (first time I have heard this).Any recommendations of banks or other lenders that provide this type of financing?