Investing in individual homes feels more like an arbitrage play where you need net income to exceed lot rent to earn a cash flow.

Do you have discretionary income that you could use to save/invest/buy more properties?

Employment drivers of areaCrime of areaMedian household incomeCurrent rent to income ratios, and if value-add deal stabilized rent to income ratiosAnticipated hold periodLength of LoanI/O or AmortizingCapex items and "what happens if you have to hold longer than anticipated?  

If you have 2 years of landlord tax returns you should be able to count 70% plus of that income.

You could consider using a non-recourse loan for the remaining amount, but you'll need to be cautious about unrelated business income tax (UBIT) rules.

@Tyler Kowalczik- thanks for the post ....1) get pre approved for a nypotehtical  scenario  so that  you  can make sure you can get  financing and also  so you  can  become familar with the process  2)  you will need a  down payment of  15% or more   3) once you know what a  possible  realistic  loan payment  looks like - do your  reserach on  what  rental incomes  are  realistic  and  this should help with your  decsion making .....the prices are  high in LV ...Port angeles  or  P townsend  might be  better ......consider  Kitsap county  ( although its  been  increasing in value )

How should I best find private lenders who would offer 8% annualized with payment after? 

They can lend you up to $250,000 towards a down payment if you are a first-time homebuyer, live or work in the county, and meet their income criteria, which I believe is up to 120% of the area's median income. 

* I usually set #4,5 at 5% of gross income

You pay an annual fee of $3500, they do a soft credit check, then they give you a loan in monthly increments.