Often people are closer to retirement and are happy to have zero loan payments, just cash flow and real estate to pass on to their heirs (hello, stepped up tax basis).

You'll likely find mentors and will move closer to buying your first property. 

Have you even seen it, taken pictures, had a contractor go through or had an inspection done?

However, I now have a Duplex under contract in Birmingham and did the final inspection last week and I was looking to secure funding, then my current lender told me that they don't service the State of Alabama. :/ Does anyone know any smaller local or bigger banks that would offer the same type of loans?

What are your thoughts on taking Section 8 vouchers if there was less inspections and regulations for accepting tenants?

Current asking price is 375K, but I think it's worth closer to 300k.

  $98K is the lowest I'd consider in your position.Another interesting point with seller financing -- no inspection and no appraisal needed, because YOU are the bank now. 

So Brandon recommends that we practice evaluating one deal per day so when it gets closer to making a purchase you will be more comfortable evaluating purchase.

I’m sure there are other things I’m forgetting at the moment.We have some cash on hand and a soft offer from an investor, though it won’t be enough to purchase the house, it will cover furniture, lawyers, inspections, and other initial setup costs.

This is also where relationships help if you have a lender that you have been working with and he understands your overall financial position, he can be a bit more flexible; as @Jeff Dulla mentioned, I would wait until you are closer to actually making offers to get a pre-authorization.