Third, if you don't know the caller, let it go to voicemail and if neither of those work, file a 2nd mortgage lien, payable to you for an amount 5x the value of your home. 

Having said that, I think it is equally unwise to buy a property with negative cash flow let alone rent less than the mortgage.

Super low vacancy rates in SD, even STR's. 

Be sure that you are honest from the jump, your estimated rate are only as good as the info you give them.

After the inspection, we sent a request with a mortgage contingency date extension (because it was also difficult to schedule this with the agent), a credit for termite treatment and an extension for the closing date which would allow one of the current tenants to move out at the end of this month (when their lease is up) before closing.

Offering prime +.5 and 30 year mortgage with no balloon. 

I would talk to a local bank or mortgage broker to see what you can get for a loan first and then go from there. 

Conventional financing is a great place to start as the interest rates will be lower. 

I am now 29 and wanting to grow at a faster rate- and also ensure that I am making smart moves, rather than just grasping at whatever a bank will give me.

If you are considering working with them, I strongly advise you to double-check the provided rates and terms carefully.During my loan process, I discovered that they had added a yield spread interest without informing me.