Deb, it really depends on your market activity.

First he went and got a prepaid credit card.

Pick an area you want to own 4 properties in and start dropping off postcards that say "I buy houses" then put signs on the poles at intersections that say the same.then get prepaid to act, how fast can you close.  

Lets run that through my best lender- They'll loan you 90% of the purchase less the origination of 2.5%, which is $64,750 plus they'll escrow the repairs of $20k.You'll need about $1k in closing costs, plus prepaid insurance and interest to the end of the month, so lets just use $2k for round numbers.SO, you'll need $7,250 to close.Then you'll need to be able to run the job up until the first draw. 

Banks - Ally is safest @ gives 1%, cds/ local credit unions around 2%, lmcu(lake michigan cu) - 3% till 15k I think, some prepaid cards give 5% with some work(check doctorofcredit blog)..

Therefore not on your credit and debit ratio create issues if you were wanting to buy more.

Pre-paid rent refunded on pro-rata if owner breaks the lease.- Owner agrees to allow sub-letting.  

Most rental applications from apartment communities or property management companies do not ask for credit card numbers unless it is a debit card from which the applicants would use to pay their rent.

You will also have prepaids for insurance and possibly taxes.  

Reason for 30y would be so that my debit to income ratio would be lower if I was applying for a 2nd loan.Main thing is I won't be able to qualify for a loan without my full time income, however, I really need to go part time asap as the busy season for my biz is coming up.