Run your numbers to see if you could withstand 11% vacancy for a few years in a recession, but expect 7% or so in a healthier market.

However, I want to exhaust all my "free" options before I get into something like that.

So let's say your physician and exhausted of hearing about "well, over enough years" from your financial advisor every time you ask why you're getting out-paced by inflation, or worse yet losing ground.

My thought on a situation like that is checking the fresh-air intake, and the exhaust, to see if your getting a cross breeze too strong that's blowing out pilot.

The data you will need includes:Original Loan Information (Rate, Loan Amount, Maturity, First Payment Date, etc)Current Loan Account Information (Current Balance, Modified Terms (if present), Last Payment Date, Next Payment Date, Foreclosure Start Date, etc)Subject Property - (the normal stuff, address, value, etc)I can give you some more highlights, not meant to be exhaustive and you really should find someone who knows what they are looking and to help you since you don't know.To check the ownership of the asset you will eventually need to order a title report.

Exhaust every mortgage lender in the areas you are pursuing.... the 2 year rule may have lean way if you are coming directly out of college and if you've already found a property with tenants that produces positive cashflow.

After you exhaust your 10 you can move onto commercial real estate and utilize commercial financing.

You don't want to get mentally exhausted of whatever your primary means of income is, regardless of whether or not it's from real estate, your day job, or something else.And this is part of why I find real estate so provocative.

To be honest, although I like the area, it wouldn't be my first choice... my wife's parents live there and she is very close with her family so... but, I do like it so, I think we will be happy there... state taxes not withstanding that will eat into my pension.  

As a lender, I have thoroughly exhausted attempting to use this for a couple clients in this situation.