I’ve Googled what each means and I understand, but can’t seem to apply these concepts to my analyses.

This wouldn't work in Allentown, but anything more than a few miles north of Rt. 22 would qualify. https://www.rd.usda.gov/programs-services/all-prog...I would be careful not to over-leverage yourself at this stage in the game.

If they paid a deposit you have to be careful how and what you deduct as there are very specific rules for that.

My question is...in either case what about lenders caring about income?

Patience also forces you to be careful and not make errors that can cost you thousands.  

Now, be very careful of the LTC difference....Loan to COST is very different than LTV.  

That IS a nice chunk of money, but be careful because it can disappear rather quickly with a few poor decisions.

My thought is that if we're paying cash and it has positive cash flow, then who cares, but I'd love to know what you longer-term investors have to say about it.Now more specifically about this property..2.

Even if you're planning on doing repairs, showings, leases, and all that jazz yourself, deployments are a thing and you'll want to have access to folks who can take care of things while you're away if they pop up. 

He genuinely cared about finding the right without property for me, but without being high-pressure or bombarding me with marketing emails.