Hi, definitely have a rental agreement as well as a background/credit check (many apartment associations provide both which is great).

Prepare with YouTube videos, let them know you are coming to do a "preliminary evaluation of the problem" to "assess repairs and schedule vendors".

Try a local bank or credit union. 

Just be prepared to have adequate reserves or have the loan secured by the properties...

(not counting our Home Depot credit that is temporary and will be paid off in a few months).

You need long term debt to make the property cash flow. a HELOC is more like a credit card, it's a revolving debt.

Now that you know the basics its time to start getting your feet on the ground and prepare to act as an investor.

The buyer made it clear she wanted to refinance it in a year once she improved some credit and could acquire an FHA, which I was fine with.

Meaning, can/are you able to fully finance yourself with the funds from REI (able to pay your own medical bills out of pocket, savings built up enough so you don't need 401K, etc.)I just don't know what to expect and It would be amazing to get some insight on it so that I know what to prepare for.Thanks BP!

House as it would be around 4000 for mortgage+tax, and max rent it could fetch is 3000 or so in the meantime we'd prepare to get plans, constructors etc together to build a new house on its plot.