They by no means discriminated while sifting through their applications, but explained that their pool of possible tenants was bigger than other landlords advertising their two story duplexes.

I will probably steer clear for the moment and focus on investing in my own back yard. : )

Some call this diversification.Ranchinskiy Vasily: there are many private money banks/opportunities for investors to pool their money to lend to investors (whether they be real estate investors, stock market investors or business investors). 

Pool in back as green as it comes. 

There is a large pool of tenants because of the college.

If you hire your day laborers through a labor pool compnay, you're covered as they have workers comp, etc.

The goal is to refi out as soon as the 12 month mark hits so you base rents under market to fill up fast and land the most qualified tenants out of the renter pool for the area.

I am just curious where an investor from across the country would look to in my backyard.

I don't think BOA is dictating the hold time/exit like FMNA but the article does say, "The bank is looking to capitalize on growing interest in these properties from large investment funds, some of which are out raising capital to buy up large pools of foreclosed homes.

You will have better piece of mind knowing it is there and less likely to make rash decisions that could hurt you a lot.5) the property SHOULD be over 1000 SF or you will have a limited buyer's pool.6) The terms are steep, but if I couldn't turn a profit even with those terms, I would think twice before getting my family involved.In summary, I think the requirments of you proposed lender are prudent and reasonable.