My problem really was that I didn't perceive at the time that the tax advantages are so important for a guy working on his own properties largely alone or with occasional help.Federal lawmakers understand that the small, local landlord is improving his community by doing something that the government simply can't do affordably.

The actual value improvement is going to be determined by the referees if the previous owner disputes the value you give them and as a compromise can be determined with an updated appraisal when the owner redeems. 

Make sure you get something solid and don't analyze based on hopes for future market improvements.

@Carolyn Brown You might want to look into smaller Credit Unions also. 

vacancy is an imaginary cost that you estimate upfront to ensure your investment can sustain itself and actually make money. you do not need to put aside any amount of money every month, as long as you have a reserve account with enough to cover your mortgage payment when the time comes. to make life easier, some investors will put this percentage aside every month to fund their reserve account, but it truly can come from your pocket, a line of credit, or any other vehicle you use.

The only way to wrap closing costs into the loan when purchasing a property would be to ask the seller to give you a credit - 2% for investment purchases. 

I was using smart move online form which gets the background on criminal, credit and income information from the tenant.

If you have good credit and a down payment, all the better.I have financed many properties both directions without problems.

Tell him you have a 900 credit score and I’m sure he will say that’s great.

Finally, all the improvements we did to the house over the years were with "renting it out later" in mind.