You may need to pay points if you put less than 20% down, but lots of no point options once you get to 20% down as long as you have decent credit scores. 

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

That is a great tip! 

@Jeffrey Bourque Are you planning to finance this with a local bank or credit union?

To tip the scales in the cashflow column I say "buy in all cash.

For me as well as the seller.First, you have to define Sub to financing.Do you mean the reckless kind where you overpay for a property, take over the financing and borrow from others to cover closing costs and holding costs when you have no money, no credit, no income, no reserves and can't tell a warranty deed from a deed of trust and you close on the kitchen counteror do you meanbuying below market value, already having a nice income, having reserves, using escrow and title, already understanding the due on sale clause, have done a lot of creative purchases and know when to use and when not to use creative finance and how to recover if something goes amiss?

Also helping was a relationship with that bank (deposit accounts) and good credit. 

Any tips?

Contractors, unless you have a working relationship with them, normally do not want you bouncing ideas off them.Understand what their hourly rate is, have a discussion with them that you are okay with paying them an hourly rate if they walk the property with you and provide you a scope of work along with an explanation of what you can/can't get away with in regards to improvements.ask them if you go with them, if they can credit you the amount that you paid.Once you develop a working relationship with a few contractors, you can bounce ideas off them and expect quality responses.I do not invest in New York.Best of luck.