Success requires cash and high credit to qualify for loans.

To boot, basement has a lot of water damage.     

Because it is your credit on the line, you should designate the accountant/bookkeeper/servicer to collect rents and make payment to your mortgagee.

If there isn’t any significant damage or concerns I like to look at the length of life I have with certain items; water heater, appliances, things like that just to plan ahead.

A few ways:- Find a lender who will lend what you need- Find a partner who will put in money in exchange for equity- Convince the seller to hold a note- Purchase with an option contract- Line of credit against another asset

@Linda Weygant   I am also afraid of if they damage my properties. 

Your best bet is probably going to be to look for smaller local banks or credit unions.

The only strategy I have seen so far, and I forget who provided it, was to try and clear as much debt as possible on single family homes and pre-qualify for HELOCs of other lines of credit to be able to start buying at the downside of the cycle.One person mentioned in a facebook group I am in, essentially, "don't worry about it, just hold everything tight and wait it out, it will correct itself."

My credit union is going to order an appraisal... what other upgrades will make the house appraise more (basically I’m looking for bang for the buck)?

He's even suggested that with the recent hurricane damage in New Bern, there is no where to rent, and there.