So while i dont have a tremendous amount of experience I can approach investors with a binder of historical data demonstrating success in managing townhomes in this area, and that my projected numbers are backed by historical numbers with similar properties.Second is relationships, the stronger the relationship the more comfortable someone will be investing with you.

You've already demonstrated that it won't cash flow ($57 isn't cash flow). 

As life gets messy, perfect credit is becoming more rare, so cherry picking applicants that are demonstrating positive changes can work out  for both of you.

I appreciate it when people demonstrate that they would not be a good partner on our initial meeting--it saves me a lot of time.

for me, in my rather high cap rate market of northeastern Pennsylvania, I can easily demonstrate 15 to 20% cash on cash or cap rate after 10% maintenance 10% management and 10% vacancy.

Naysayers are a challenge we all face.Focus on those that are actively demonstrating what is possible with real estate investingI like the contrarian view that says:it means less competition.

Two rental references showing demonstrated ability to pay on time, leave property in good condition3.

The immediate cash flow on a leveraged real estate investment with that $150K will be lower, but your wealth will increase exponentially faster with leverage (assuming the business is run professionally, of course).Here are some fancy charts demonstrating this point:I built this spreadsheet out to answer this question for myself about a year ago.

Net/net, I work very hard as a small business owner and have demonstrated that I'm pretty good at what I do.  

In both cases, lenders must qualify to become designated GSE lenders by demonstrating financial strength, underwriting expertise, loan servicing experience, and capacity to generate and handle meaningful loan origination volume.