I would treat him as any applicant and determine his application (once submitted) based on that.

You can play around with an amorization table and make an educated guess based on the info found on public record.

Based on their website the standard payment for a 3-bed is $1,423 but that seems really high to me.

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Gave us written acceptance, went through the appraisal process, but then while rounding 3 base, choked.

We will be sure to share the list of lenders we have as well that can help you accomplish your goals based on the lower down payment you are looking for. 

Any other possitive factors  - stable tenant base  - alarm systems  - regular checks on the property  - no pets  - Lead safe certification  - newer roof, plumbing, electric, etc..Anything to balance off the lossesBe prepared that it may end up in a non-standard (surplus lines) market for a couple of years.If you did not have flood coverage before, see if they will continue the current policy if you get Flood coverage and increase the property coverage deductible. 

David Greene wrote "Long Distance Real Estate Investing" which gives you a great tutorial, but I suggest looking at deals in the Midwest or the Southeast to allow your portfolio to get a good base of cash flow, and then once you are ready for some more appreciation focused deals, you can change your target markets.

If I drove around and covered my entire service area once, why would I do it again unless 5 years has passed? 

Have been doing research and spending time here on BP and those seemed like the best markets in general and given our budget (we're based in CA so $50k doesn't get us anywhere here).