@Preston Dean I personally like to make sure I have a set amount of reserves for each property to cover things, so if you have a pool of funds sitting aside personally I would just earmark a certain amount that you don't touch except for that property (or an emergency).

I had later found out, he had done ZERO work at all himself except for the times I was there and literally called him in and I had asked him to help his friend who was clearly struggling.

HI Guenevere, You can acquire your a primary residence from up to 1-4 units for as low as 5% with conventional or 3.5% FHA with a few exceptions.

You have your exceptions, but that's what I've seen after talking to thousands of people and helping hundreds build their porfolios. 

When you deliver on your promises and provide exceptional returns, investors naturally want to share the good news with others.

(I also had to come to CA for health reasons, so I am not sure if that is an exception) - You can use that reason to excuse the amount of time you lived in it. 

Are there banks or financial institutions that would grant a loan at less than 25% down, say 10% for someone with exceptional credit? 

A reliable tenant stays for many years, pays the rent on schedule, and takes good care of the property.Reliable tenants are the exception, not the norm.

Everything you posted is correct except your definition of “profit” unless you only paid $140k.

Thanks - will likely have to be an exception but definitely possible since the story "makes sense" from a lender's risk perspective