In this example, offer to pay 12 maybe 14% plus 20% or 5K, which ever is greater.

Whichever agent you're using can provide this.

After you know what you can afford, then you can get excited about shopping;) First step will be to meet with a lender or equity partner. 25% down of as-is or appraised value (whichever is lower) is pretty typical for new investors in our market (which of course does not include rehab costs).

After that, if there is money remaining, the excess will go towards the liens in order of whichever was recorded first.

Passive...but you usually have to accumulate funds by doing active investing first.Actually, whichever works best on the deal at the time.  

If it is in a 401k (whether self-directed or not) you can typically borrow up to $50k or 50%, whichever is lower.

I was thinking about it the wrong way, thinking that the requirement came from your hard money lender, or whichever original lender you used.

I've heard of landlords doing it both ways (having both spouses sign vs just one spouse), but the vast majority that I know only have one spouse sign it (whichever one is most involved in the leasing of the properties).Hope this helps.

Be aware that while they are renting the house the basis is going down by the amount of depreciation taken or allowed, whichever is greater. 

I signed a property manager on at 6.5% or $40 a unit which ever is greater and $150 new lease commission (excludes any renewals).