Conventional loans are a great tool for investing and if you're on the cusp of qualifying I would try and make those work.

Anyone found software or an online tool that can do this?

preferably a contractor or an experienced investor to help you size up how much $$$ the "little" repairs may cost.then use the rental tool here or a spreadsheet and plug in the numbers to make sure it cashflows after deducting expenses, insurance, taxes, property management and capex.  

That said, @Irfan Raza is probably correct that your best option for tenants are students.

Even though the online calculators are a great tool I really want to understand the numbers I get, maybe someone can help me out?

At BP, Justin, you not only learn how to get deals done correctly, but also have an opportunity to network with other real estate investors and learn from the informative forums posted on BP everyday!

This gets mentioned often... and while it isn't wrong per-say it's not entirely correct.

I also manage projects from a distance for work and feel confident in implementing similar strategies for the systems and resources required to remotely manage the properties correctly...but I'm still preparing for hard work.

They also take time to learn the area in more than just a superficial manner.No doubt that there are "better" opportunities in areas where the numbers make more sense, but a weekend Wells Fargo "Investor Seminar" held in the Bay Area doesn't give you all the tools you need to successfully operate in a place with which you are totally unfamiliar (personal anecdote).

If I cannot buy land and I am left with the 70k, I will have to pay what they call the boot, am I correct in thinking that I will have to pay  (let's say capital gain is 30%) capital gains on the 70k?