I won't sell my investment properties to an FHA insured buyer as too often the underwriters make unreasonable demands and are as arrogant as a politician...I don't wish to play their games.

I only have $40,000 to invest in the deal.There is a lot of due dilegence that still needs to be done on this deal, but I like to have a game plan in place before I start the process. 

If you don't have the cash for your skin-in-the-game, you will not find a REAL hard money lender that will put up all the funds.  

Brand new to real estate but would definitely like to get in the game.

I wrote a post about it a while back:   https://www.biggerpockets.com/forums/223/topics/161894-1-really-good-idea-for-newbies-to-get-in-the-game--its-not-wholesaling

The quick check list is along the lines of this:  is there the  right kind/amount of soap, is the bottom clean (no broken glass, paper, or forks under the arm of the dishwasher), is there water coming in, is there nothing blocking the spinning arms, is the door to the detergent free to open,  and did you set a reasonable cycle for what you are washing?

Good or bad.hey leo. i'm new to the game, what would that entail exactly?

If you're buying to appreciation then you aren't investing, you're speculating; and you need an even bigger LTV spread if you're going to play that game. 

You will learn, hopefully not the hard way there are some ethically challenged people out there in the REI game.

It's like a chess game... anticipate many moves in advance.