A mortgage broker told me a few days ago that on a NOO property (non owner occupied) most banks require 20-25% down.Thats correct!

Take Care, That is correct.

A $60k investment does not have $1400 in PITI.Second, if the total rents are $1200 and you buy at $60k, you have obtained the 2% rule which will gurantee cash flow if managed correctly.

If I remember correctly you are going off to the military soon.

This is not entirely correct.

John is correct, if they accept $10, then you just cut them a check and proceed accordingly.Now I come from the school of putting down a large chunk for earnest money to show that I am serious and not playing games.There are enough contingencies that can be written to protect your money, and if I want the deal, I want the deal.I know many people will disagree with me on this, but that is just my personal preference.

Thanks Joshua for the link to the correct place in the forums to find investors who are actively looking for properties with huge CASH FLOW.

Corey, that is correct..he can't back out and sell to someone else..The 30 day time frame is to allow for end buyers to check the prop out, line up their financing(unless they're cash buyers) and make sure all i's are dotted and t's crossed also, earnest money is rarely required.

Regarding seasoning it's up to the bank I'm getting the loan from correct?

Is it correct to say that it would take about 5 years to make your investment back?