You really only need two of the three to start your RE career so good credit and hard work finding your first deal will ensure success...Step one talk to friends and family and ask them if they will invest with you if you find a house substantially below market value.

It can be a tax filing headache, but I figure this is the best possible way to ensure I limit my exposure.

I want to ensure you that I am a buyer, I am not a realtor or wholesaler."  

Though it sounds like a good spot to start (due to the "low" entry cost) , in theory, unless you had a lot of resources at your disposal to ensure compliance , servicing etc.

Pro - ensure the house is properly rehabbed.

If that's the best loan deal you can get, try to ensure your purchase deal is even better!

That said, we usually leave 3-6 filters to ensure correct size and check them ourselves whenever we are there for any other reason.  

Inspection items are another important thing new home owners need to ensure were fixed. 

http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessBefore your 1st purchase, please ensure you visit the below link for some tips. http://www.realestate.com/advice/buying-your-first-investment-property/ eBookhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets- community-book Blog http://www.biggerpockets.com/renewsblog/2013/02/09/how-to-start-investing-real-estate-young/ Lastly, don't forget the podcasts, webinars, #askbp podcast and the blogs.

The reason I use 2 banks is to ensure neither one of them ever get too greedy and it keeps them competitive for my business.