This scratches the surface, but i hope it provides some light.

Can anyone shed some light on this for me?

I am closing LTRs in the low 6's to mid 6's with 1yr prepayment penalties at par pricing (no points) at 75LTV on purchases right now. 

The house is in a rural area, low crime and had been vacant two years without any issues.  

A DSCR loan (Debt Service Coverage Ratio) is another option that offers low rates, as these loans are based on the potential rental income of the property, However they are for investment properties only.

buy low, no exceptions. 

If they have low credit scores, shady history, and lots of heartbreaking stories, they don't have the money now, and they won't have the money after, and you will be sad to discover this one month down the road.

Some small local banks are offering commercial LOCs on investment properties, but the rates I've seen on these are north of 10%, have low LTVs, have to be rested once per year, have to be renewed every 2 years, and are callable.

I'd suggest buying a turn-key or light rehab as your first investment.

It is generally a bad time to find a tenant (holidays coming up) but you might have some luck in that the supply of housing is probably very low in the city now.