Just thinking of ways to lessen the credit impact although it's such a low impact.Also, what types of questions should I prepare to ask?

Depends.I see Real Estate Investment like losing weight: you have to find what works for you and stick to it, in a healthy way.Some people are marathon runners, others are power-lifters.

To lessen the blow on your pocket, I would personally pursue properties with mostly cosmetic damage.

The disadvantages I hear people say, in my opinion don’t hold that much weight. 

Most all will attempt to influence price from the lease payment, the purpose of turn keys is selling the lease and expected rents more than the value of the dirt, that is not the aspect of valuation most weighted in single family 1-4 properties.

I wont mention who they are but this area carries a whole lot of weight in this country .  

My capital is thin obviously, so I'm asking a lot of questions, weight all legitimate options, and getting very creative.

Finding a realtor that understands the investor may help lessen some of the frustration.

I'm sure it depends on the exact figures and weights but does anyone know how many mortgages you can have at once?

Certainly most folks are probably over weighted in stocks simply because their 401Ks at work and IRAs are geared, marketed to that asset class.