@Zach Robbins I am primarily interested in multi-family rentals; however, single family may be a better bet for my first go at it. 

I haven't done a refinance yet but I can talk about the closing costs of my first deal (which I bought with a conventional 30 year loan):Underwriting fees: 600Appraisal: 675Title Fees: 1650Recording Fees: 150One year of insurance prepaid: 600Initial Escrow payment: 400So overall, I paid about 4k for closing costs as well, but I bet this also depends from area to area.

Online banks or banks that operate in both states will probably be your best bet.

Some lenders might accept accessible funds in retirement accounts for this, but your best bet is to have it there.

there are ways around credit checks, but you pay an even higher premium to do so. best bet imo is to partner with someone as a passive investor while you learn comm real estate and boost your credit score.

What has worked best for me is to leave the excess in the account, take a spread sheet and divide it up into columns.

Perhaps I don't understand capex, but from the podcasts I've listened to I thought it was to represent what is going to need to be replaced within the years column to be prepared for expenses down the road.

to be an actual fix and flip investor / business  its quite capital intensive.. and just a down payment is just a drop in the bucket of the capital required.your best bet is to put a little private network together if you really want to do this.or get your license and specialize in finding these types of properties for fix and flippers.. make a commish selling it for them.. and then the list back.. that's what agents in our market here do and they will knock down 250 to 500k a year no sweat in commish with no risks of borrowing money or a flip that did not work.

It seems with any new investments out of state is the best bet.

Bates-Hendricks and Arsenal Heights are real close to FS so it seems a natural bet that one or both areas will change in a similar way--they might-- but my hunch is it will take several years for market appreciation in those areas.