Now the rental reference the tenant gave on the application the lady's name was that of the man who owns the house wife who also gave yet another amount they pay for rent at their current residence. 

In my view one of the biggest risks in the case of a downturn is the amount of leveraging.

I also have a lender in the 7%-9%-range for commercial properties where they don't look at income or taxes and frankly don't care about the cash-flow if the loan amount is under $500k.Some will have balloon payments, others won't.

Seller needed "x" amount to sign over and walk away.

However, it occurred to me that once you reach a certain number of properties then the standard amounts don't apply. ( 3-10% vacancy, 5-15% repairs Etc ) For instance if we own 10 properties then the chances that all of them will be vacant at the same time would be slim.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

And an electrician's license takes time to achieve, you may reconsider and get a contractor's license.Thanks john, That's exactly I'm doing, today I called a local bank and they said they have a loan for my needs, they even said that I would qualify for low rates and have fees of 2-3 points depending on the loan amount.

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

I just did a major rehab and was amazed at the amount of money I saved doing a lot of work myself and shopping subs.