Once you have those areas tacked down, then you can start to study those areas to be the person that knows the areas the best and feel the most conformable when a deal comes into those areas! 

I don't know much about conventional loans in general (I usually only deal with cash buyers)  but I'm hoping I can help them get a non-conforming loan that doesn't have a seasoning requirement so I can sell them this house.  

If it is a conforming (FNMA, FHLMC) mortgage you should expect them to ask for everything you can think of and then some.

-Get address or drivers license of Officers of the Corporation(s) in case you have to take anyone to court-Ensure all leasehold improvements committed by the landlord are complete and you aren't on the hook-Check title - (not sure if they have this in the US) make sure there are no Liens on the property or property taxes in arrears (or utilities for that matter)-Check with city to make sure the use of the building matches what they have on record... don't want to pickup a non-conforming use! 

For the first 12 mos you own the property, the purchase price you paid for this property will be the one that your lender uses if you are looking for conventional/ conforming/ govt financing. 

Conforming residential loans (which require owner occupation) generally require a "functioning" house on the property. 

Legal entities such as LLC's are not eligible for conforming residential loans. 

Properties not conforming to FHA will be significantly less competitive.

So basically the will hold out 40%+ of anything you have in the account.I dont know if you would be able to qualify for a conforming loan at a 59% DTI. 

Not all markets will conform to the 1% rule which is why I hate that it is a "rule" some areas have higher appreciation or rent growth which is why the numbers aren't what you'd like them to be.