We purchased a 3 bed 1.5 bath home, 1500 square feet on half an acre:Purchase price: 66K; 20% down paymentRent: 850.00PITI: 390.00Vacancy: 10%PM: 8%Repairs: 10%Cap Ex: we have a separate account set aside for this that we fund ourselves and contribute to monthly.Rehab costs: 3K (paint, flooring, cleaning)Monthly cash flow: 222.00Cash on Cash return: 16%I'm happy to have our first deal done.  

So 2-3 months go by and were all set to close in 2 weeks or so and it turns out he gets denied by the board.

Most investors want up to 125k price range with an arv of up to $150ish...If you like, give me a call to discuss, and maybe we can set you up a search such to where you are notified immediately if properties come on the market and then if you find something we can go look at it for you...

You can also set up Keyword alerts" for phrases like tax liens. 

If you want to manage it yourself, get a merchant account set up so you can take credit cards and plan on spending the $800/yr on HomeAway or VRBO to be included in searches.

or is the 3.5% set in stone

Best advice is set a budget for 6 months and run the campaign for the time..

You may not need to complete all the repairs/rehab up front, but, but planned for within a set time frame. 

I do have a meeting set up with a different bank later this week, as after reading some on here I do not think the first bank I selected is necessarily the best fit for what I intend to do long term.  

@Dakoda SpencerIf you start doing lease options, lease purchase, etc that has its own set of legal issues.