I always want to do better than the stock market so I usually like to aim for 15% of my invested money, so in the example above they want 20% down, I would put in $60,000, but I better be making $9,000 PURE PROFIT.Yes land usually comes with the deal unless they state otherwise.Estimates get it at what you think is a fair price and minus the repairs that you think are needed.Always be negotiating, worse thing they say is no.This is how I've been going at it but then again I've only really been researching the topic for less than a week so take my advice with a grain of salt.

@Layla Rahm , If you are not in need for cash right now, you should treat this house purely as an investment.

It does not meet the 1% rule when you use comparable market rents and analyze it purely as an investment property (without you living in it). 

Also you can keep going forward with owner-occupied properties for a verrrry long time, before a lender will say "no more," because it is less risky for them to rent to an owner occupant.If you were to go forward with a pure rental, you will have to put more money down.

This is for owner occupied though so maybe you are right about not borrowing the down payment when it is a pure investment property with conventional financing.  

Create a whole battery of these types of questions and take copious notes.

second home, not a pure rental property.You will have to maintain your residence in the property to qualify as the program is not intended for pure rental properties.Your lender performs all of the vetting on your application and it is the lender who applies for the insurance (as the insurance protects the lender, not you).  

We've never bought a property purely as an investment property, though.I'm mainly interested in rehabbing because I enjoy the design and build process and would like to pick up a property sometime this year.

Just from a pure utilitarian perspective degrees that are in high demand such as accounting, engineering, and project management.

In Orlando, it is definitely cheaper to rent than own even if you were to buy at a 60% of value.The reason to buy is to build equity, pure and simple.