I would look into local banks, they are generally more likely to do investor loans (and they are getting much more competitive as the market heats up).

I am looking to do my first, but my market is super expensive and super competitive, so i looking else where.Question:  Since you did some of the rehab yourself that obviously saved you some money ..do you think that your profit margin would be that high if you had contracted the whole job out?

Analyst jobs are quite competitive, but if you love real estate this may be a good way for you to go.  

The house was in a heavy Hispanic area.  

Is your only option then to rent out the property or just carry the heavy payments for a year? 

I am concerned the competition might be quite high here.

@Hai Loc I've never been but heard they are competitive.

Where I am buying it is a competitive yet but not like it was 6 months ago.

The best alternative is to negotiate a deal where the seller pays your points/costs so you get the tax deductions and no mortgage insurance if the market is competitive enough to allow for this or if your real estate is a great negotiator.

Education is an ongoing requirement in this business to stay in business, be competitive and stay out of trouble.Again, I apologize for my tone and getting aggravated. :)