I rent the units out totally furnished with all utilities.

Hey Craig,When investing in an out-of-state market, I usually rely on my agent in that area to send me information as it comes up.

I did just find a company who does both and I think it's around 20% total, but I have not had a chance to speak with them to verify. 

The main problem is PenFed allows applicants to own only three total properties (including primary) to qualify. 

I would say that if you don't need the money, are extremely flexible as to when your principle investment will be returned, do not rely on monthly interest payments and are OK if your principle is never returned at all, than this might be an OK option.

[Relying on an AirBnB success story would make me very nervous though]. 

So far, the problem we have is that the total loan amount will only be 35k and that's low for the lenders we have looked at so far.  

You would not be denying for any other reason than the fact that he is a total f*ck up.

I am currently looking at a duplex around the $220,000 range where my total expenses would be around $1600.

4 bdr house with 2 bath, remodeled kitchen, no major damages or repairs in FullertonSqft: 1377, 6018 lotPurchase price: 460,000Closing cost: 13800Down payment: 92,000 20% downMonthly mortgage: 1864.60Rent income: 3000Property taxes: 421.67/month Insurance: 100/month Vacancy: 100/monthCapex: 150/month Total expenses: 805Financing: 1864Income: 3000Cash flow:~330ROI:3.74So this is just me practicing for a property in Fullerton.