What are the usual lending parameters for a person getting there first property with roughly a 700-730 Credit Score and trying to secure a home 200k or under?
 
Is there a way to have No money Down or Low money down? 

Chances are it will never get keypunched.  

I have opportunity to buy a small portfolio of performing commercial notes with LTV's less than 50%.  

-The right “how” will attract the right “who” and discourage and weed out the wrong “who”.Me and my property management team developed the a 40-Point Complete Household System to not leave the “how” to chance.

As long as the lender can finance in the state that you want to buy in, then work with them.

I thought there was a chance that one could use real estate to directly lower their main source of taxable income (such as a w2).

Think of it like buying an existing performing business.

More doors means less vacancies and it might motivate you to save up and buy a new SFR when you are ready to settle down.

Like someone else said better to buy land that is already suited for use. 

Many people don't realize that you gain as much or more net worth through debt pay-down, and while it's less liquid than cash flow, over a 5-10 yr hold period it's considerable if you buy in the right areas with the right asset class.