to have money to put into improving the property so that it can be evaluated higher?

This way you have "boots on the ground" that can help evaluate, walk and manage properties.

My concern is that all of my info is coming from the agency and I do not know how to find and evaluate properties/deals yet on my own.

If it's not satisfactory (or even questionable), a Phase II is in order - in fact, your lender will most likely require it.Assuming that all the environmental pieces are good to go, you then need to evaluate the business itself. 

@Joshua ChristensenThanks for this helpful strategy on evaluating the Floor 1 leak. 

How do PMLs evaluate the potential of a real estate investment differently from banks?

I've already demoed Real Estate Lab and am in the process of evaluating Dealpath.

There are many nuggets of info and great questions to ask operators as you're evaluating a deal and their underwriting.

You can always refi as investment property in the future and then you are not limited to the 12 month occupancy rule, but investment rates are usually higher than owner occupied rates, so just need to re-evaluate your plans once you start considering your refi options. 

How do you evaluate a property?