Not really sure how to go about financing but we're planning on having a down payment at or slightly above $100,000 and don't want to pay more than $3100ish per month. 

It could take years of sacrifice and saving to get into this game and most people don't want to wait that long.  

Sounds like he was feeding you a line of garbage. 

@Vinny Muli - it is VERY hard but not impossible to get an equity line of credit on a non owner occupied property. 

If they are available online or in person.

@Sharma Parth the company is out of Arizona and in 12 markets.Just a few years ago, Flint had a major crisis due to lead water line poisonings.

Or maybe a favorite way to stay updated on local rules?

Focus on the actual deal first.

I've bought a ton of homes pre-foreclosure and at auction, happy to be a resource on that stuff, plus we just launched Bid Pirate, which is the one place online for NH, where you can see all the upcoming foreclosure auctions in one spot - you can learn a lot from the regulars at the auctions........ get after it, sister!

I also have a $175,000 line of credit ready if something catastrophic happens.