And you're probably going to pay 3 points or so upfront for that hypothetical hard money 2nd mortgage on an investment property to 70% CLTV, assuming you could get it.I don't have any credit reports in front of me, but I'm pretty sure you can do a little better than 4.83% at a cost of three points.

Along with a credit report, I have read that other documents for a rental application should be included.

I have 750+ credit and zero other payments. 

If you don't want to do any work, you can hire a management company (or even a local realtor) to manage the property for you, but be prepared to spend 30-40%.

I like the part that when they pay on time, it helps them build their credit.

I ended up paying the HOA fees with the additional costs of the collections company - totalled at $6700 (the fees themselves would have been $4000) A couple of years ago they lease the condo to couple due to the wife's high credit rating.

I'm sorry if these are basic questions; you think you're well prepared and ready to dive in until it's time to dive in!

I tell people to be "aggressively patient and overly prepared".

Unfortunately we have to start from scratch with the credit profile with neither of us having lived here before.

You have banks ( local,regional,national), credit unions, life insurance companies, & CMBS lenders.Who does what loan depends on location, asset type, and size of the loan.