The downside is more maintenance and repairs, more toilets, stoves, water heaters etc...Depending on what your goals are for the investments and your acquisition strategy would point you toward one asset class or another. 

Some of this will depend upon what your state licensing board requires.  

However, I have enough saved to put down 15-20% (depends on the property) on a property if need be.

We may request additional docs, or co-signer, depending on what has turned up, giving them limited time to produce them (usually one or two days max, depending on what is needed).Once we have any additional requested docs or info, we make a decision and either send out (mail or email) a standardized denial letter, or call them and advise they have been approved.

State - it depends, you can have real estate transfer tax issues / re assessment issues. 

Depending on where is S.

Depending on your situation, there are also interest-only loan options that can increase your cashflow.

I am making up that number, but I am not sure the research is there and might depend on the price range of the homes or maybe the neighborhood you are looking.   

That could get you enough to do the whole renovation depending on what you plan to spend. 4.

Just depends on your circumstances.