I did run across a BP podcast on out of state rentals: https://www.youtube.com/watch?

So ask if there are any other costs that you didn't think to ask about.The lender is simply a lowlife (unfortunate but true, just like in any group of real estate investors, there are a few bad apples) and is out to take you for anything he can get. 

I've been researching FHA loans because they are an attractive way to get into a property with less money down, but watch out for the higher cost of utilizing an FHA.

it is very smart to start watching and learning the local market and educating yourself here on BP. 

Understand a local market takes more than just a google map or one day trip.... you need to live there and watch the nightly evening news for 3 months......We californian flood every hot, semi hot, and quarter hot RE markets all over the country, and consider anything under $2,000,000 a deal.....The locals have to be laughing at us, is my guess.....

Later down the road you can look into third party labeling and postage placement.https://www.youtube.com/watch?

I've spent the last few months researching, reading books and forums, watching the BP webinars and listening to the podcasts on REI, and getting my real estate license. 

watch while you sand, you Can burn the floors....

I've been watching the Ogden/SLC corridor for a while and for the longest time the sales prices were right around $100/sqft around Layton.  

They want to double end the commissions and you want a great deal ... give them what they want to get what you want, and watch your own back in very carefully in the transaction (which you should always be doing anyhow).