Expect rates to be higher than "typical" financing programs - right now, I'd plan for at least 8%+ depending on the whole scenario. 

For a tenant who has only lived there for a year, the expectations for normal wear and tear are lower.

Either lower your expectations regarding 2% or be very patient when looking for deals.

I'm not sure what you've heard or are expecting, but as with anything in life you generally get out of it what you put into it. 

I can tell you a lot more but don't expect it to help.

Because, when you understand what to expect, you can plan ahead.

However, I wouldn't expect to be able to do many of these deals without quite a bit of experience.  

I think it's about the best time there is to outside of the past to invest and acquire properties.I just recently found an article by Julie Taylor from realtor.com that was posted December 10th that has some predictions on housing markets where "Home Sales Are Set to Soar" with Colorado Springs listed as number 1 with expected YoY sales increase of 27.1% and Denver expected to increase 13.6% YoY quoting Christine Dupont-Patz who is a real estate agent in the Denver area. 

Expect to pay a slightly higher rate and make a larger down payment than what you see on lender's websites with regard to their rates, points and LTVs.

If you don't have it now, but expect to in the next few years, then there is probably nothing with getting started on your education now.