I have a good grasp on what they entail, but a reputable company could educate me some more.

They finally came back with the following:“At this point we would just need you to apply for a “Special Inspection” at our office for visual “certification” of the existing structures.”I am curious what this sort of “visual certification” entails.

The more the deal is financed by the loan the greater the risk it entails.

It entails that if you see folks flocking into a specific area then it's most likely too late to go there and you must find another one to invest in.

I'm curious as to how that's possible and what the actual process entails.  

I know it is going to entail alot of learning and stepping out of my comfort zone, but I am ready for it.

No way you're going to get a Fannie/Freddie loan w/o a full appraisal - with one exception and that couldn't apply in your situation.And what that entails is you will probably pay a higher rate w/o Fannie/Freddie backing.

NetworkResearch would entail reading more about RE investing (BP bookstore is great and I also recommend Gary Keller's Millionaire RE investor).

Michael Moikeha When you say $50,000 repair budget, what does that entail?

Worst case scenario would entail investing $25K and having around $115K all in.