And both FHA and conventional have down payments as low as 3.5% with PMI (conventional eliminates that once you get 20% equity I believe).

Admittedly, this may very well be a mistake, but I figured it was better than spending a week in a new city that turns out not to yield much in the way of interest.

Wish someone could enlighten me before I make a big mistake.

congratulations. you will learn alot as you go. take lessons and dont make the same mistakes twice. try to do do what you can and capable of before sourcing it out. network and get great maintenance folks for all trades as you will need them throughout your journey. learn how to market and rent out your property. explore short term rentals if there is a demand in your area. 10% aside is a good start can vary on how old the property is so things can change.

I strongly recommend new folks,learn Landlording.there you go I eliminated the 10% PM cost and most expenses due to your newer home. since you're going to move anyway the main number is are you positive cash flow good luck.

I hear there are high efficiency direct vented oil burners, so I hear, which would eliminate need for the chimney (as from the boiler standpoint). 

A costly mistake that can be avoided if you network with other investors in your area. 

You made a historical mistake.

(one of my first mistakes) I would try capital one, they were the first one that helped me out and get a secured credit card after couple months you can try to get another capital one card.

I know as a new investor it's really easy to want to jump at deals... but starting as a "motivated buyer" will soon make you a "motivated seller".When I was new, I did 15-16 deals my 1st year... at the time I thought I was knocking them down...Then after a short while I realized I should NOT have taken 4-5 of those deals AT ALL (took them sub-to) and they were not only a financial drain, but an emotional drain on me as well... for a couple of years.I'm close to having them all sold off, but trust me and learn from my mistakes.