They are all slightly different on things like, can cash out be used as cash reserves, seasoning, LTV's and min. credit scores.

I only own 3 properties, if you own more (or have mortgages on more than 3), cant remember, they will not do equity lines of credit for investment properties.

A bad tenant that fails to pay rent for one month and leaves the place damaged could easily cost you $5,000 - $10,000.

Luckily the only damage they did was leave a truckload of trash in the house.

Anything special to look out for aside of the obvious damage to the lining / walls, plumbing?

The W-2 job allows you to form a cash and credit basis from which you can start purchasing properties.

Also his credit score comes back as N/A.  

And I have decent credit.

However, my initial capital raise was only $187,500 and the overages of approximately $170,000 have been put on personal credit cards and I need to find a way to refinance those at something more sustainable. 

With an FHA loan and first time homebuyer credits, your out of pocket cost to buy will be surprisingly low.