This happened with my university (USC, near downtown LA) right around the time I was graduating 20 years ago, and I wager the folks who bought those properties made a lot of money on those deals. 

- Most HMLs can provide a lightly-worded pre-approval letter based on data from a preliminary application. 

I've done the preliminary research but there's only so much you can learn, so I'm here looking for more answers,from those of you with experience and knowledge and are willing to share.

My preliminary plan is to start with a few single family rentals in the Murray area and paying them off completely.

@Thomas Harr I’m always an advocate for holding but if you have another deal or 2 you could jump into it could be worth considering selling (but only if you can 1031 it), especially if you are starting out and want to jump into more deals and rid yourself of your preliminary debt.

The savings is significant and I would wager, offset the tax paid.If you already own a home and you're looking for an investor property, keep doing what you're doing and just go with a no income verification loan.  

Words can't express my gratitude to you guys.After preliminary research, I can tell that a number of the homes in the town where I have my rental don't have HVAC and largely seem to be boiler heated, which doesn't come as a major surprise, given that A LOT of them are built early last century and aren't very conducive to HVAC by design.Judging from the dialogue here and further reflections with my principal contractor, I think we are sticking to our initial plan of boiler/insulation/ceiling fan combo, but once we've demoed everything that needs to go anyway (some ceilings and walls) and created a much more operable working space at the same time for installations, we are going to bring in professionals to get free quotes on HVAC and mini split systems, if anything, for future reference and negotiation fodder on the next property purchases.

if they are not paying follow the same procedures you would with any renters. give all required notices (such as 10 notice to pay) on the day they are appropriate. when the time comes for eviction, you can decide then if you want to proceed along that route, but at least you have completed all the preliminary steps.

Bottom line:  either learn to do them yourself, or establish a relationship with a title company/abstractor that can run preliminary title for a fairly reasonable amount. 

I'd wager the only reason you even noticed was because of the close proximity to the counter and the fact that you happen to be focusing on it at the time.