remember your first home is not your forever home, it's your first rental so it doesn't need to be everything you want.look for homes where the bones are good, but cosmetically needs love. don't by pre 1960 if you can help it. you'll end up just having to replace all the guts like plumbing and electrical at some point. it's inevitable. look in areas where the path of growth is headed, but might not be currently. think 5 years out. look for resources like your local chamber of commerce to see what businesses are coming in and where. your city planning office should also be on your call list as they can help show where most permits are being pulled for development. follow the money. go to local investing meetups. crowdsource local knowledge and form meaningful relationships. those who've gone before you typically will help out and help you avoid the mistakes they've already made. onward.

We primarily focus on vacants, preforeclosures, tax liens, and pre-probate leads.  

You can pick your pre-payment penalty if they charge one.

Oh and Jon I would not get an PITI on an investment flip I would go with a 5 year IO with no pre-pay!

Pre-Housing Crises (pre-2008) interest rates for investment properties were 6.5%-7%.

I got pre-approved for $300k but I'm having a lot of trouble finding properties. 

Hey @Josh ShamoiliaIf I'm not mistaken did you imply you were Pre-qualified for 1M, FHA?

[2] Can either the small bank or the large bank allow me to assume the existing low interest loan based soley on my creditworhtyness (and whatever lender fees), or can they in-house make me a loan to me for this poorly performing asset, or will I need to bring cash, or a pre-approval for a loan from another bank (???)

I am currently pre-qualified for a similar owner-occupant loan and I have been looking for a triplex or quadplex in Los Angeles County.

They have no pre pay penalty.