Beware of State regulations for No Fault Evictions - - typically there are high relocation fees to the existing tenant.  

These are typically run down and need lots of work to bring back to rent ready.What are you looking for?  

I did notice that the post said most portfolio loans have a higher interest rate typically than what you'd get with a conventional lender, and that they are usually shorter in term or have a balloon payment.Based on my personal situation, I shouldn't have much of an issue getting conventional financing for the first few properties.  

@Dave Saveri  I had a similar situation to yours in the past and used a 401k loan for the downpayment, and then at closing the seller essentially reimbursed me (seller financed 2nd mortgage).  

They typically want 2 years worth of tax returns (done by a CPA makes life easier), and will want bank statements for all accounts.

I still look at everything after the fact and typically most all if not all your Cap Ex is completed after the rehab is done.  

Generate your own leads and then you have lots less competition and if you do have competition it's other investors and typically not first timers shopping with their agent.

Essentially you are buying like it's a Multifamily (income based approach vs lending to you as a credit taker)  and my hopes are I can get those going shortly. 

What is a typical cap rate where you are?

That typically is investors.