It's an inexpensive market, but don't fall for cheap opportunities that look good on paper and details left out concerning the location and the vacancy rate.

Congrats on your graduation  Rolando.In my opinion you should go for a conventional FHA  than a 203k loans  because 203k has extra fees  of your 3.5%  they work kind of like hard money lenders the only think is that the rate is lower than a hard money lender but higher than a conventional FHA  I just bought my first house here in Oakland California using 203k loan which works for me because I had  to renovate the entire house $125k of renovation with a rate of 7.6 and is been 8 months and I am ready to refinance to Lower my payments and the rate .In my opinion is worth it 203k loan if your repairs are over 100k  for all the benefits that you get with the city and sewer company. 

You're legally obligated to pro-rate and return their overpaid rent.

If they are good, they should be absolutely definitive on rate, terms, costs, etc.

I have seen a few scary things like "you need to dig up the entire front yard" in other groups but I'd like to hear from people that are actively investing in the city, and meeting the new standards, as to what their experience has been.

Do we have a minimum or a set rate for a agent?

Welcome to BP Chabeli,These forums are a great place to learn and meet people, whether you're just starting out or you're a seasoned investor.

It's a single family home that we were able to refi into a 3% interest rate. 

Or try and choose the best rate available?

We bought a $400,000 home with a 3.08% rate and are paying $2,157 including escrow compared to a $2,950 payment if I took out a new loan at 7%!