What about 80% on an investment property? 

Look at it this way...if you were a buy & hold investor who had a deal model that said any property you purchase has to cash flow at least $400/mo. 

@Isaiah CortezDo not create a property management LLC.

Good time now that rates are falling and property values are ready to start another climb up.

Your main point of interest seems to be knowing the equity in the property.

Find a property that the seller is willing to finance for you, take a mortgage over subject to, find some investors willing to put the money up on a great deal.I am confidant that you will figure it out. 

My plan, after I accumulate enough property, is to refinance certain properties each year and collect the tax free "income" from that property and enjoy life. 

Is there anyone here on BP that lives in Dallas Texas that invests in Section -8 type properties ?

Hi,In my old rental property I am not sure when roof replaced last time.

Local lenders will do better in terms of winning properties, but they don't have to be mom and pop.