Here's the situation:Perousing the internet and MLS I found a very distressed property that had only been online for about 6 hrs and I put in an offer; The issue is, I don't know what the heck I'm doing.

Definitely want to play the long game, I just really like the idea of getting started using this method as I don’t have a large amount of cash on hand 

Basically, I had no choice but to get the loan from finance guy(who by the way can pre-approve me in 30 minutes if I finish on-line application process) that I never met due to last minute request from the seller.  

Also is there anyone who uses bill paying software to allow their tenants to pay the rent online?

I looked the house up online and the fire happened about 5 months ago. 

Have any of you that have been in the game started by Funding JV deals?

In return perhaps I can be of some assistance with online marketing and video production.

That will be a total game changer for you when you know what you can look for and afford.And@Shawn Q. suggesting you live with family or friends while you look for a place to owner occupy is a great way to save money for that down payment. 

Current rents: you can glean this information through online sources as well as old-school searching (walk-ins, calling the buildings)Talk to local brokers to get the inside scoopMarket analysisCheck to see if building is in a flood plainYou can ask for, but these items are usually provided after signing a contract: Leases for lease auditing against bank statements, tax returns and leases (usually not provided before a contract has been signed).Tenant payment historyViolations, delinquenciesLease addendum and/or other agreementsTax ReturnsBank StatementsUtility billsCan RUBS be implemented (some municipalities may not allow it)Service contractsReserve fundsEnvironmental assessmentEmployee recordsStructural issues including foundationEmployee historyOther value-add features that can be added include:Trash valetCar portsStorageDog parksTo be honest, a similar level of due diligence is required across multifamily and manufactured housing (mobile home parks).Best of luck!

.- Any expense on line 18 "depreciation" can be "added back" to income no questions asked (your new roof being depreciated over X years being a good example), meaning that it will have zero impact on your DTI.- Any expense on line 14 "repairs" can only be added back with a bunch of supporting documentation matching exactly & based on a human underwriter's judgement call on the "one time" nature of it (and how that underwriter's mood is on that given day) on a one-off basis.