I have been told a few times that I should be prepared to starve for the first year or so.

Regardless, what I'm trying to say is that you don't have to follow the same path but talk to several other lenders as there are options with smaller credit unions if you're strictly looking for buy and hold without having to do rehab.

You need to control if any sub-leasing of the space allowed at all or the selling of the business to a different operator.85% is a pipe dream regardless of DSCR ratio. 25% down for STNL is about as good as it gets for senior note only and that is generally credit grade tenants of BBB- or better.

That's a span of time you can't even fathom at your age.2)  BUILD a SOLID FINANCIAL FOUNDATIONGet your credit score to >700 (there's a ton of info on how to build your credit anywhere on BP or Google)Obtain or continue earning W-2 income (this becomes important when you want to obtain a mortgage down the line)Pay down any bad (consumer) debt and don't pile on any additional bad debt.Start saving.

Unless you're willing to live in a bad neighborhood and even then you're looking at prices around 250-300kLong Island and NJ are nice but prepare to pay 8-10k annual property taxes.

We have closing attorneys in NC so once I have a signed contract I send the paperwork to the attorney and he will do a title search and prepare the closing docs. 

TOTAL CLOSING COSTSD + ILender Credits -$357Calculating Cash to CloseTotal Closing Costs (J) $7,287Closing Costs Financed (Paid from your Loan Amount) $0Down Payment/Funds from Borrower $26,000Deposit -$3,000Funds for Borrower $0Seller Credits $0Adjustments and Other Credits -$1,655Estimated Cash to Close $28,632I know it includes some prepaids, but do any of these fees seem ridiculously high to anyone else?

Credit, budget, research?  

Current financial statements and of proposed transferee and its principals, along with credit reports, real estate experience and background for each 3.

Prepare to loose.