I originally was looking for the mythical 'structurally sound but killer deal because it has some broken windows and  hasn't been remodeled since the 1940s' type of place, but I've since lowered my standards to include properties with major foundation issues and the like.

I think standard loan rate was 5.4%

Just last week I read Rich Dad Poor Dad and every day since I have been downloading books and reading as much as possible.

As a side note, I read the book by one of the founders of Zillow about how they update their databases every night and then I checked the value of my wife's house on Zillow and it was way off so I do not trust them anymore.

@Joe A. the "standard" rate on commercial loans right now seems to be right at 6.5%. 

I am not saying that you should not listen to RE agents , but keep in mind that most of them needs to sell at the end of the dayAnother place to visit is the local REI club, tons of useful information and real insights if the marketLast - educate your self as much as possible regarding tenant - landlords rules and regulations for the specific city, try to learn about city cose violations etc... this way you will not be surprised down the road.I also like to recommend BP book by David Greene "long distance investing" it is very useful resource and should prepare you well for ling distance investing.Last - Good luck !!!

You may just have to lower your standards to be in line with what the market offers or move/ wait for a different market.

It gets easier in some ways as the loan gets bigger. 10-year balloon is standard.

What's the standard in New Orleans i could expect?

Have been reading the forums and books and learning about the various tyeps of investing.