What sort of financing contingency to put on offers (what if my lender denies the loan based on the MFR income reported)? 

What sort of financing contingency to put on offers (what if my lender denies the loan based on the MFR income reported)?

Plus they give you the proper verbiage to use speaking with all kinds of motivated sellers.

Other things we look for is the seller motivations, we always try to talk to the agent directly to "read" him/her. 

I've been trying to read as much as can in order to make this first investment successful, and I would love to meet anyone else in the area who would be willing to share their knowledge with a motivated newbie trying to dive into their first investment property!!

I have a really good attorney who I use in PDX that wont charge you an arm and a legg and scare you into all sorts of unnecessary and complicated asset protection schemes.. basically you can vest in LLC  have an operating agreement ( that's your JV agreement) and a clear cut buy sell agreement .. pretty simple and standard stuff.. feel free to ping me off line..

Wouldn't that be a sort of CYA policy for whoever is behind the counter at the planning office when you walk in?

It’s your first deal so maybe you won’t be motivated to do this but having the seller bring equity in form of the land, a developer/investor interested in the area and carries the construction financing, you really only bring them together (whatever that is worth to an investor) or some sort of partnership with the seller that outlines duties and recompense.

Where people have a deep affinity for a particular location, a place they either call home or want to call home there is your hook that leads to getting motivated buyers or renters. like you said, be smart about it.

The main thing is finding someone who will give you some sort of prequalification so you can provide it to sellers when you make offers.