What is the problem with doing turn key if it produces cash flow?  

I point this out not because I think this is where you should start as much as pointing out the loan qualifications are different.You live in a market that has historically produced some of the best ROI numbers in the nation and you are looking to invest elsewhere. 

The cash flow would be a little better if both units could work as STR but initially, on purchase, there was not the market to have both units STR and the STR was not significantly out producing the LTR. 

in most states as long as your felony is not financial you can get a real estate license I woujld do that.then work for a top producer and learn the trade.. do his or her busy work share commisisons.I have seen many apprentice for 3 to 5 years then strike out on their own and end up doing quite well for themselves.trying to be a real estate investor with limited financials is a pretty tough thing to do with or without criminal backgroudn

What was the one idea you stuck with that produced your fortune over time?

That's s lot harder to find!

You should only leverage to the point where the investment can still create cashflowIn reality a property that can not produce positive cash flow with a hypothetical 100% financing can never produce positive cash flow without a abnormally high rent increase.

The worst ones are the ones with slotted heads where the "backside" of the slots are sloped. 

If you have enough reserves in the bank to do so, I would try to just see if the bank has a mortgage product that doesn't have to look at your other income outside of what the property you're interested in purchasing produces.

My question is what records should I feel comfortable in asking the seller to produce, so I can do diligence.