Does that amount sound reasonable for the area? 

this would make for a nice amount of cash in hand....Do i need to pay all appraisals upfront?

I was considering paying the entire rent amount towards the mortgage anyway which would have me paid off in 7 years.

@Paul DeSilvaWouldn’t the lower appraisal impact the amount of the loan offered by the bank?

3) Is there a usual or standard amount/percentage for the Option Fee, rent credits, and any other fees/charges?

As an example:  $48,000 - $9,600 (20% Down payment) = $38,400 loan amount @ 5%APR/30 years = $406 P&I payment. 

Please click on the links, give them a read, and share your thoughts in the comments.First is a post that I feel will help not get overwhelmed with the amount of info that is here on BP:https://www.biggerpockets.com/blogs/5868/52761-the-simple-guide-to-getting-started-on-bp The second is a post that will help get you focused with your real estate investing goals:https://www.biggerpockets.com/blogs/5868/52743-im-new-to-bp-any-advice-would-be-appriciatedThe last one is a post that will help you choose an “investor friendly” real estate agent.

@Chris Jensen You should be able to get higher financing amounts, just sent you a PM because I know that there are better programs available for you.  

With a HELOC you are only paying the interest on the amount you use on the HELOC. 

That's definitely a fear, however if you buy right where if you were to move out and it cash flowed a decent amount, then it really shouldn't matter too much.