Again, we'll ask for 30 days to do walk throughs of each property, meet the tenants, determine the status of each rental, verify current market values and ensure that its a great deal from that perspective.

You need to be in command and control in this business or they will walk all over you. 

Walk streets, call on properties for rent and see what they rent for, go to your county appraiser's site and see what the rentals you called on were purchased for. define what sort of real estate investing you want to do.Define your goal, which should be more than, I want financial freedom. 

If it is not a good deal just walk on.  

Fill in the foundation below.Check out the Start Here page http://www.biggerpockets.com/starthere Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice.

Title should be able to walk you through everything.  

**We have yet to settle on a purchase price but I will include all other details so far.It is an underperforming 8 unit on 6th Ave S (within walking distance) to school.

Biggest thing I learned on my first: play hardball, pay less or walk away, always inspect the property yourself (if possible) or get a second opinion, choose a good realtor.

They're out there, but picking up properties with enough equity that making it interesting to investors and borrowers are willing to walk away from is a rare thing indeed.To answer your question though, there are opportunities to pick up properties subject to existing financing by just paying the reinstatement fee (which are usually $thousands).  

If you cannot walk into your local bank and credit union and based on your relationship with the bank IE large deposits and I am talking in the multi hundreds of thousands.. or very large incomes I am talking in the multi hundreds of thousands.. and or very long experience level I am talking decades there is NO money at those rates. what there is   is money at 9 to 15% or higher.. once you grasped that concept and folks stop wasting time.. then you just plug those numbers into your deals.Now if your talking about yoru 4 mortgage slots for rentals  that's a whole nother story but if your looking for fix and flip type funding  etc etc.. the niche is the HML in the country and there are a lot of themget a copy of the Scottsman guide there are list there of reputable national HML.