It sounds like you're in a good position to take advantage of the equity in your investment property and the potential for lower interest rates.

Starting to wrangle as much cash as I can to do my first small deal and get some positive cash flow to exit the rat race!

Depending on our cash positions we may go ahead and do these, even though we don't plan to build for a year or two. 

@Elizabeth Goff I'm in exactly the same position as you were 7 years ago!

Personally, if it's 1st time, I scold them and let them know of the "fine" for such, but at end I waive it if there otherwise decent tenants so now it's left in a positive manner and they know they will be paying if done again. 

Yes I can do 10% down, but only if the seller carries a 10% second position. 

It depends on who is foreclosing, what position they are in, what state is it in (is it a state where HOA usurps mortgages), are taxes being satisfied?

We inherited tenants and it was a positive thing.

The biggest qualifying factor is positive cashflow.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.