Whenever I sell a property I retain mineral rights if they were not previously reserved. 

Make sure you have some cash reserves if your numbers work out tight using 10% vacancy.  

You need 25% down, reserves, etc...and the lender will likely want to know if you have experience as a landlord.

Hopefully someone will be able to confirm the 2013 before/after changes?

@Alex SImonEven with a HML, you're still going to need a downpayment plus reserves and interest payments for a project of this size.  

Its not as easy as ABC.You'll need to document 30% equity in your current primary SFR in order to use the rental income and you'll need 2 months payment reserves on the new property and the current property as well.There are ways around the 30% equity requirement on conventional financing but that is a more indepth conversation.

As @Jim Viens points out, the courthouse auctions are a high-stakes environment best reserved for the experienced investor.

You should be setting aside an amount equal to or greater than is in a reserve account somewhere for each unit you own.My point is that folks purchasing 30k homes in bad parts of town typically do not account for these costs when calculating their "cap rate" or cash-on-cash returns.

Then you decide on a lender and get a rate lock once initial approval is confirmed.

However, the bid didn't meet the reserve.