Seller must provide an up-to-date lease agreement of every tenant (no month to month or handshake agreement)Seller must provide last 12 months of rent rolls (showing that every tenant is paying on time/no deadbeat tenant)If there is a security deposit, it needs to be signed over to the buyer at closing (so that the renter isn't required to pay another security deposit to start a lease with you)Is there a Property Management in place?

I figure if i find a good deal that doesnt require too much time or money in repairs and find a suitable renter, its more cashflow to give me that little boost to get started before i can make some waves.So my question or advice that im seeking is, when i do find the deal(s) that i like, do you think it would be more beneficial for my situation to buy at 3.5% down and buy more houses that way in order to get the ball rolling or put down 20% on one house?  

You'll get a lot of eye-rolling.

If you have more deals than you can possibly buy, or enough to keep you money busy, then it makes sense to take the big profit and roll into the next two deals. 

Keep running your numbers and be ready to move quickly when you do find the property that works for you because chances are that if it really is a good deal then someone else will be ready to roll if you're not.  

If I decide later to start a construction business (actively building and selling new spec houses), assuming this is taxed as ordinary income with social security, etc and treating the homes as inventory - if you build a house, then sell it, then spend that money building a second one, but don't sell it until the next year, then sell it, then build another, can you effectively push off the taxes as you are rolling the sale proceeds into new inventory costs / construction costs? 

Pay yourself back, roll the profits into the next one.

If funds are tight you may also want to look into a 203(k) loan that will act similar to an FHA but will also loan out construction funds and then roll them into the long-term amortized principal loan.

See Jeremy Rolls YouTube videos to get started.

File eviction now to get the ball rolling.