I've never head of anything that allows for access to equity with only a 10% equity position.

If the prices don't work that, consider a town like Philly which is driveable from NYC, but also accessible with solid renters in many areas.

But since there is a limit to how much money the bank has access to....their rate will be higher...and usually a shorter term.

But since there is a limit to how much money the bank has access to....their rate will be higher...and usually a shorter term....or maybe have a prepayment penalty.  

It was built as apartments at a campus bus stop but doesn't conform to the HUD's updated standards for Fair Housing Accessibility because all the doors to every bathroom are just 24" wide and cannot be made wider, so when they did their first major remodel, they sold all the units off as condos. 

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I look forward to seeing you around.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts

If you have a chance to be present when the inspector is doing his job or access to him/her after I would ask talk to them, ask them all the questions you have. 

Hopefully someone will reply about the two year rule, flipping is not my expertise.If this is your first rental and you will self manage, I recommend finding a local rental owners association, you should be able to get access to meetings, trainings, and all the forms you need for a small membership fee. 

Take advantage of the networking opportunities and best wishes to you.There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesAlerts can be really helpful too: http://www.biggerpockets.com/alerts