Contrary to what was stated in a previous response, brokers don't all charge points.

Provo ConnectionsUsing your friend’s connections in Provo is smart—it lowers risk.

It's also nice that they have their own recommended insurer, those rates are much lower then what I would pay up in the northeast. 

Depreciation lowers taxable income now but is subject to recapture at a maximum 25% rate when the property is sold.

But if you're comfortable with rougher areas, then you can definitely find properties at lower prices.

We will then, as the units turn over, get rents up a good bit further with additional design improvement renovations and hopefully reno into lower interest rates when they drop or at the very least in 5 years on our 20 year we'll have paid off enough to refi into a smaller loan.That is the only kind of smaller deal we can find in neighborhoods where we want to buy now. 

I'd focus on deciding what you want to do (flip-high risk, but potentially high return...or large loss; short term rental-more work, but higher return than long term rental; long term rental-less work than the other two, but lower return).Once you've decided which you want to do, then focus on getting the best house to meet your goal. 

If you are willing to entertain areas outside Gainesville, you should look into areas like South Fulton, Forest Park ( lots of lower priced inventory) Jonesboro, and College Park to name a few.

I would get a couple of other opinions on the quotes that are coming in and what you are being charged.

(I know, nothing is certain but just hypothetically) and all cash out loans are not created equal. if you have a lot of equity you can borrow up to 60% with the lowest rate possible, which would be close to a half point lower then borrowing up to 75% loan to value.