I lost some excellent 7 year tenants to the first time home credit of $8,000.But I also have some long term tenants who have stayed very long times, I have a 30, 20, 17, 15, 12, and I have a tenant on his second tour of duty with me. 

Call a pm company and find out what they charge and what is included- around here 8% is typical, but I have heard of 8% plus 1 month's rent when they get a new tenant, and 10% for other areas.There are loads of books available and lots of suggestions in the blog and forum posts, and of course the forum and blog posts themselves are excellent resources!

This is an excellent thread and Trevor's advice is great.  

I have excellent credit and am also building business credit.

I was able to find an excellent dry wall guy when were opening our store.

We work with one list for about 6 months at a time and see what comes from that.I agree with @John White that you should look to buy a multifamily using first time homebuyer financing (3 units is most common and will help you cover your mortgage).I also always recommend opening up excel and creating an income and expense spreadsheet to determine what your potential investment would look like (or going to google).Normally I don't recommend buying anything that does not have positive cash flow, but if you're paying 2k a month in rent right now, it's not necessarily bad if you end up paying 500 a month with a MFH.  

There are spots in North Miami and North Miami Beach that still have SFRs under $130k with excellent neighborhood rent rates and not too rough.

So I'm wondering if a first time home buyer, with excellent credit, almost no debt and a household income between $120-$140k could get an 80/15/5 or am I stuck with the 80/10/10?

Excellent suggestions...thanks!

(especially the short sales)Emily Morris and her team are excellent, and they know what they're doing.