Hi Timothy,We did not have financing issues after acquiring a property via quitclaim deed, however we were getting property significantly discounted to take the additional risk (we did not have previous existing relationship with owner).Some other challenges/potential landmines you should be looking for are:1) 6 month delay between acquiring a property and being able to cash out refi using appraised value versus purchase price (applies if you are getting a conforming loan)2) Not counting on minor renovations to add significant equity3) The appraiser will most likely only consider a sales valuation approach and not consider the income valuation method, so make sure you are projecting your value based on what you can sell it for after your reno.4) Don't wait for a renter.

Where is the property and what’s the bed bath count?

Don't worry about the hit to your credit from applying - it's marginal at best, and as long as you close on a loan in the near future, any additional inquiries from lenders aren't going to count against you.

Every little bit counts.

@John UnderwoodYes cleaning will definately be hired out but I am always nervous on counting on someone to do an excellent job with it.

Some of the time I am so close to the details that I do not understand how someone with less history would view the macro details.

Unit interiors were reconfigured to the new bedroom count and upgraded with all-new flooring, recessed lighting in all rooms, and decor.

In my experience, furniture is a lot easier to damage than walls and flooring, but what counts as damage versus wear and tear can be a little more subjective for furniture.I don't think it ups the value enough to make it worth it.

Some may be able to count any primary residences you own or have owned as some sort of experience to help get a little better rate etc. 

Lived here all my life, but do NOT count on appreciation.