A couple of things you could try to help minimize your risk.1.Doing a virtual walk through with the realtor asking questions and taking notes on problem areas.2.Have a virtual meeting where the realtor introduces you to the contractor or even multiple contractors to discuss the problem areas and solutions.

Fannie and Freddie are in the low 5's if not high 4's on a 30 year with 0 points and minimal processing/underwriting/closing fees.Like I said, if you qualify, go for the conventional financing. 

One requires minimal work and the other is going to be a massive project.

Do you go after those properties where you do a rehab for minimal return, but you know it is going to be a safe solid rental for many years and you add it to continue to be able to build your portfolio in a neighborhood you are comfortable with and are paying down an appreciating asset while creating cash flow.

I am not looking for fixers and hopefully properties that will require minimal rent ready prep. 

Additionally we would like to minimize the upfront lender fee.

PMI is minimal compared to the rents it allows you to make.

Most food servers, exotic dancers, and bar tenders, have very minimal 'base' income, it's mostly tip income, and a LOT of the time it's under the table money that the person does not voluntarily report to the IRS and pay taxes on.So, not a solution for you today.

If you had a "large" amount of cash saved up, zero debt, minimal monthly expenses, a 6 figure W2 job, and were 22 years old looking to start ASAP, how would you start? 

But a minimal starting point would be comparing to other investments.