It just depends on your circumstances.

@Tyler McKendry Putting all you cash into the property and leaving no cushion for unforeseen circumstances is definitely risky.

And by CITY, I am NOT talking about small towns, I would never look at any city under 10,000 population, except for very unique circumstances..While it is getting more difficult to find deals, there are still many deals out there, and EVERY WHERE! 

Women tend to have a better sense of smell.

@Christopher Rogers  I think it depends on your circumstances and risk tolerance.

While you feel sympathy for their circumstances, you can also look at it as that they were taking some advantage of your parents' kindness, no matter how nice they are, knowing they were paying so much less than they should, and you should be able to decide what charities you want to contribute to, not feel forced to contribute to them.  

It could be less than that but she'll never go wrong with saying 2% barring some extenuating circumstances.

So I need properties that I as a caucasian female, red headed women who only speak English and German can manage.Definitely do some research on this blog focusing on people that have been successful with what you are looking at doing.

So I think it is possible under the right circumstances, but only once you reach a certain scale.  

Yes in that scenario you can obtain 30 year fixed rates with no pts on conventional financing as its considered a regular refinance (Rate & Term only).Terms are conventional loan so its vanilla 30 year fixed with typical escrow/title/recording/notary/etc, and generally can be priced with no pts paid at a reasonable rate too (4.5-4.875% depending on your particular circumstances).