To qualify, you are going to need a sponsor/loan guarantor who meets these requirements to sign on the loan.Your best bet is secure a 20% to 25% down commercial loan, raise money to fund the down payment, and find someone to sign on the loan.

I brought a cashier's check (I think for 5K) for the down payment and signed all documents right there.

I know how buying a house for a primary residence can become an emotional decision which increases the amount a person is willing to pay... but with attempting to pick up a long-term buy and hold, at least in my experience, the profitably is largely determined at purchase (and of course subsequent to this, proper tenant screening and management of the property).

I was just wondering what kind of questions should I ask the attorney to determine if he/she is right for me?

To keep things simple, CAP rate is determined by a properties NOI which we'll say is mainly based on the rent being collected.

This is actually a sign of a growing stronger economy.I would suggest you shop around at different banks. 

He is not under contract and being a SCN I'm not sure how to valuate land to determine a reasonable offer.What approach would a seasoned investor take to valuate a plot of land?

the specifics of your deal will determine if hard money is a viable option. 

To me I mostly look at 3 things to determine the quality of the investment 1) the return on investment 2) the amount of time the investment will require. 

Make sure you sign up for BP webinars explaining House hacking,  etc and ask in the Forums.