As for Eric James' statement.. it is true, there is much I still have to learn ..as I mentioned I'm a rookie.. but also as mentioned, I'm on my second deal and I've listened to so many interviews on the BiggerPockets podcast with successful Real Estate Investors. 

It was my first true investment property purchase.

It was my first true investment property purchase.

Your PM should also have gotten them to sign the form that says they can't pay due to covid (even though it isn't true)-I believe the form mentions that lost work due to covid is the only reason you can't pay and reminds them that to lie on the form is perjury. 

This is especially true if you're in a situation like mine where you're balancing a W2, perhaps a family life, and perhaps some hobbies as well

There are a few 'tried and true' investor favored markets that tend to fall on out of state investing lists for reasons that are mostly all numbered based. 

I could have stopped there and received about $1200/Mo in true cash flow, Awesome deal.

When you first apply you'll estimate what you think your home is worth and that will be your initial estimated LTV but once your appraisal is completed the true LTV will be calculated.

Is this true?

This is absolutely true for our local market.