In many cases bigger banks or lenders have specific programs that cater to first time home buyers and investors. 

Quote from @Kyle Carter: What about if I already have a rental, not with the home buyers program.

Account Closed Hi Rhonda, If honest I spent about $8,000, some say its a lot, (my parents did) some say its small when compared to many programs out there, either way I took a leap of faith and saw the potential it had for my future.  

These programs usually need a 700+ score. 

I am a smaller Main Street Type investor and have created/manufactured SFR notes as part of my fix-n-flip program for many years.

I appealed mine once and appeared before the board and lost unanimously.

You may find that once you serve this written notice of default, that the payment may suddenly appear.

If they are up for renewal and you elect to non renew them you must stop accepting funds from the occupants after the lease expires (accepting rent after the lease expires may make it appear you have a tenancy at will agreement). 

The only advatange of Private/Hard Money Funding is less paper to non paper work or a Non Tradition Lending programs available like DSCR (debt service coverage ratio) or Bank Statement.

I just did a quick search of the area and there appears to be an ample supply of properties with an average rent of approximately $1.10/SF.