The best thing you can do for yourself (and most brokerages may actually require this, I'm sure it varies by state), is to shadow another agent and put yourself in a position where you can learn as an assistant.  

I bought for $10,000 down and pay $1,000 a month to the seller with a balloon payment of balance by end of year one.

Thank you,Inga I would do 150% the rent and require them to pay for a monthly cleaning service

It might require repairs and cleaning.

We required it to be moved off the lot at buyers expense. 

These loans take more time, require more docs etc. 20% down requirement (you are closing one time for the construction -- includes land -- and the permanent loan).You could expect rates in the 11-15% range for HML/PML.

Begin by meeting with the builder to understand his requirements.

I would like a nice balance of both!

But it requires some renovation and i am looking for funds because he cannot finance renovation cost.

My main concern is that once the property is rehabbed and rent ready, what qualifications do banks require to refinance?