We are looking at AL, TN or FL as potential first time investment properties and so far this company looks the best and the numbers they sent seem great as well, but I would some more insight if anyone has any. 

These type of loans typically look at your credit score, the down payment, and the potential rental income of the property.

If so, what was the outcome?

No one plans for that, but potential reality in today's world if that is the case.I ran the numbers and then had a nice guru run the numbers of 401k vs cash money and the net outcome was about the same from what I remember. 

.- Are there any tools out there that could potentially project what the property could rent for?

Your situation is probably better for seeking out "Non-QM Lenders" or potentially other "Creative Financing" options

Will they leverage the income potential like they would on An already built one? 

Option 1 allows you to spread your investment across three properties, considerably increasing your rental revenue and accelerating portfolio growth; however, maintaining several mortgages can be difficult, potentially limiting your cash flow, especially if one property is vacant.

There's potential value to separating the two from each other. 5.

Potential done by end of June.