I recommend checking it out!

As we have never been through this process, any recommendations or best practices would be greatly appreciated. 

Can someone recommend a VERY simple app or software program for analysis and bookkeeping?

The challenge with high balance equity lines on investment properties is that the qualifying ratios can be high. 

I think that the high taxes (which are currently undergoing reassessment) will kill any cash flow.

I am interesting in purchasing some property out there as well and was wondering if you had any realtor you recommend and any property managers you work with.

Down payments vary, but 15% or more is often recommended.

UtahAmericafirst 80% LTV on noo 65% LTV UtahArvest Bank AR, OK, AL, MO Bancorp South, TX Lines of Credit on free and clear housesBankNewportBank of Southern California, CABank of West (BNP Paribas) 60% LTV CA, AZ, ORBankRIBB&T will loan on a rental portfolioBBVA, now PNCBECU for ORBellwether Community Credit Union, NH and MA 85% to 100%, draw 10 yrsBMO Harris, 3 HELOCs to 70% LTVBoeing Employee Credit Union Cal Coast Credit Union, CA Change WholesaleChelsea Groton Bank, CTCitizens Bank -MNCitizens, first position HELOC CMG Financial 70% LTV CMG Financial in Idaho will do 100% on owner occupied.Coastal1, RICoastal Federal Bank of NCConsolidated CCU, high LTV NOO LOC, OR, WAEast West Bank, up to 60% LTV with "no docs” CA, WA, NV, GA, NY, TX and MA.

Expense tracking is high on the priority list with the ability to capture receipts at the time of purchase with a receipt scanner.

get a copy of the agreement used by agents in your area and merge it with wholesaling agreements you can discover on Jerry Norton's site.