As for private lending, you always need these items: Promissory Note signed and notarized, Joint Venture Agreement, and a Deed of Trust or also known as a Notice of Interest in some states that references the Promissory Note and JV Agreement.

My general rule of thumb (and obviously I'm focused on "what will screw with you getting a mortgage," so if that's not you, feel free to disregard) is that if your taxes are simple enough to use 1040ez, you're salaried W2, and you're taking the standard deduction rather than itemizing, go for it with the software. 

Your landlord must be a rookie, a good landlord will fix those items for several reasons, but most important, to take care of their unit and keep the tenant happy so that they will not know.  

To give you some "big picture" items about FHA loans, they carry a low down payment but the closing costs are higher.  

One very important item to keep in mind when buying with cash and seeking to do a cash out loan in the first 6 months is that you will be limited to 75% of the After Repair Value OR purchase price + closing costs....whichever is LOWER.  

HVAC replacement, appliance replacement, window replacement, concrete flatworm replacement or repair, etc..repairs that are unusual or irregularly done (not regularly done)".ie. those are mostly capital expenditure items, and as @Steven Preston pointed out above: "NOI does not take into consideration debt service, capital expenditures*, or depreciation". 

@Steve Cady...IRS filings are one of the important items a servicer should be providing as part of their services to their clients. 

Investors who do not consider these are in for a huge surprises when the big ticket repairs items hit the pocket or if you decide to move out of town and want to professionally manage the property......and poooooof......!

I did just want to point out a few key items that might help you locate a turnkey provider.

So now you can qualify for your next house.You will have to pack your personal items, and move to YOUR NEXT HOME OR -->APARTMENT.That's right, if you are not in a position to BUY your next home now-- it is better for you to RENT an apt for yourself AND rent out your former residence ( it just became a great rental property!)