It is your job as a REI (IMHO) to suppress the risks best you can in every deal no matter how it is procured (Friend, REO, MLS and etc.)  

We are in atlanta and anywhere that a young professional can afford alone is extremely speculative and more than our risk appetites are hungry for. 

Don't worry about interest rates or fees until you know what the bank's risk appetite is.

My advice is not to waste your money on testing clean with bleach water and buy a mildew mold suppressant from hardware store it's a chemical you put in a pump up sprayer keeps mold from coming back if on a painted surface get a fungicide paint additive and repaint area.

I find the podcasts to be really great so check those out as well.A lot of your answers depend on how much cash you have to invest, the strategy you want to pursue and your appetite for risk.Welcome to the community. 

Not every project fits every investor, you need multiple capital sources with different appetites and goals.  

We're in the midst of moving 5 duplexes with conventional loans into a single commercial.As for terms (eg; balloon or otherwise) - a lot is going to depend on your appetite for risk. 

My appetite to get involved in deals has impaired my better judgement I think...

I assume I’ll need to add fire suppression.

It's super important to create a well-balanced portfolio, in alignment with your risk appetite.