The LTV ratio must be:75% or less, if the seasoning of the mortgage loan is between two and five years.80% or less, if the seasoning of the mortgage loan is greater than five years.Hope this helps! 

As I've compared the two, I feel that the Fannie Mae Homestyle product is an easier process.

City employees generally get the job done in one week, third parties can take two weeks to get this done.

For illustration purposes, two identical homes on the same block with a FMV of $100K are listed.

Before this purchase, I had two other properties under contract but had to withdraw due to unfavorable inspection results.

If it declines temporarily but you have good cash flow then it doesn’t matter.Thats my two cents, hope it helps.

If you get a salaried job after college that would be best possible situation as you wouldn't necessarily need the two years of work history.My last two pieces of advice is of course watch Bigger Pockets Podcast as much as you can to learn!

I'd also recommend joining a local Indianapolis based REIA asap. the REIA will provide a group of investors who could get you some contractor recommends if you decide to GC the prop yourself.You said it "needs a little work done" but budgeted $50k so those two things kind of contradict unless the home is a larger home...just curious, what's "a little work", if you haven't had an inspection yet and don't feel comfortable evaluating the costs on your own?

Why wait a year or two?

Also what is working today does not mean it’s going to work in a year from now - people can ask multifamily and others how that has worked out for them the past two yearsResidential in my mind is going to see some shifts which I see a lot of bad financing “not creative” that they think is creative and it will come back to haunt people