Low 600s or high 500s may be impossible to approve. 

Same document sheds light on your other thread in re:"In dealing with the buyer, a seller's agent should (a) exercise reasonable skill and care in performance of the agent's duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of the property, except as otherwise provided by law."

Also in the price range you are considering you are running a high risk of having a low quality experience.

Hi @Sarah KhanCapital View area is up & coming and continues to experience growth with low median days to contract.  

These can be "conforming loans" like FHA/VA for low down payment.If you don't live in it then it's similar but it's considered a commercial loan and you will likely have to come up with more down payment. 20%-25%

So you want to get pre qualed before you start.. you want to make sure you have Capacity as @Bryan Otteson states you may have to pay the short term loan off in cash if you can't refi or you may need to add a significant amount of cash to the transaction to meet a much lower LTV that a lender may be looking for if appraisal comes in light or terms change..

We were thinking of moving to Vegas since Nevada does not have income tax or Arizona which has very low income tax.

I believe that you can put a fourplex that you will live in into an FHA loan, which will keep your interest rate quite low and your downpayment low too.

I've been listening to the podcasts and started reading "Investing in Real Estate with No (and Low) Money Down" and looking forward to making my first move.

Finding someone who can work for $150/sf may be possible, but that will surely come with headaches and additional costs, that would also be a project finished with very low end Home Depot type finishes.