The rates will be higher than FHA or conventional financing.

@Charles Burgess To be honest with you, the chances of you buying a lot and building on it for less than the cost of buying an existing property are pretty low.

As an agent I could pull it off, but someone who doesn't have experience, you can do more harm than good. 

I'm more than happy to help.https://inveloapp.com/bigger-pockets

I can't imagine it making sense down the line once I have say 20 properties and 20 LLC's, to have a stack of 20 credit cards that I'm juggling.

Mortgage companies, heirs, Bob's construction company that put a workman's lien on the property, Credit card company, etc etc... exception being local municipality liens ( grass cutting, demo etc.)

Your concerns will likely be less with the tenants and more about learning things the previous landlord didn’t handle (deferred maintenance, whether the tenants pay on time consistently, etc)all the best!

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Is your credit bad your income low?

The system protects the criminals more than the law abiding business operators.I agree with others though, turn it over to a local competent collection service.