I'd much prefer to put $60K on a down payment and closing costs so I have $50K to fix it up.So a couple of questions: 1) Am I mistaken in thinking those kind of lower down payment products are out there for regular folks like us? 

You can have a box of items that are free for tenants to take/use: toothbrush, toothpaste, charging cables left behind from other guests, sunscreen, unused earplugs, etc.

Also depends if you are getting appraisal and what attorney charges for creating loan docs

Expect, to only get about 8% (or lower) of the properties you buy redeemed.If you pay close attention to the type of property, and do research to protect your interests, the percentage does jump up to about 30%-50% on the properties eligible for two year redemption.

Value add ( do you want to do reno/raise rents), or stabilized (income producing, lower maintenance). 

A very prominent loan officer in NJ was charged recently for helping borrowers do just this. 

How much do they charge?

you may find it beneficial to avoid paying lender fees over and over again, on 3 properties though if you go with a lender that doesn't charge a ton of junk fees then you'd save doing it separately. 

None of that is free, but probably well worth $30-$50/month or whatever they charge. 

They were nice and didn't charge me the 10% penalty though.