However property condition and location are another thing as it pertains to where I personally am comfortable making a purchase with my buy criteria and limited experience.My buy criteria is flexible however, for simplicity I am prequalified for a va loan 0 down.

One reason, I like deals that don't use leverage and have the flexibility to weather a storm in the economy.

In general, it’s not a very flexible loan.

My primary reason for getting it is so I have the flexibility to view houses, make offers, etc. on my own time.

@Alex Jones my "why" is so I have more flexibility in my work schedule to spend time with family and friends and grow those relationships.

Listening to one of the BP podcasts, I heard portfolio loans and credit unions offer more flexible financing so I went to my local credit union and talked to them. 

How flexible or fluid will you really be when banks/lenders are not as eager to lend?

I've heard that credit unions are often more flexible with lending requirements once you get 10+ properties under your belt (portfolio loans and such).A couple of questions:- Is there any advantage to working with a bank local to the (out-of-state) market you plan to invest in, or is a local bank or credit union okay?

I'm leaning towards the 4.125% deal because it gives me some flexibility down the road to refi under IRRRL and my LTV for a HELOC would be better with it.

The flexibility, scale and tax benefits are more favorable in the commercial space.Over paying is a subjective term.