And you're probably going to pay 3 points or so upfront for that hypothetical hard money 2nd mortgage on an investment property to 70% CLTV, assuming you could get it.I don't have any credit reports in front of me, but I'm pretty sure you can do a little better than 4.83% at a cost of three points.

Along with a credit report, I have read that other documents for a rental application should be included.

An typically add 500-800 cash flow to SFR in certain areas.

@Ryan Van Fleet It is not unusual to see $650 though I think $500 - $550 is more typical. 

I have a lease created by an NC Attorney; however, I've also made use of the NC Lease offered by: https://www.ezlandlordforms.com - which does allow each addendum you mentioned and reports to be NC Law specific.

Madison has one that meets twice a month which you could check out at www.madisonreia.com  They have about 60 investors meet at any given meeting and typically about 10 brand new investors will peek their head in each month.

Here are my thoughts based on some avg #s$1980/2 = $495/mo x 4 units1 bed/1 bath units typically rent around $400/mo so my initial thoughts are how did they get almost $500/mo for these.Lets say you get $450/mo x 4 = $1800/moProperty Management - $180Taxes - $200Insurance - $100Water/trash - $200Vacancy - $180Repairs - $180Cap Ex - $100Total expenses -  $1140/moThat leaves you with about $660/mo before any mortgage etc....

Especially the 2 bedroom for $900I typically prefer guage using rentometer, fyi

I can see how the first could be questioned, since I haven't had to report it as income yet.  

@Matthew CarducciVA loans are typically only available to owner-occupants and that means that it is probably not an option for you.