I own several properties in Texas where I get a 3% discount for paying by October 31st.  1% per month is not a bad return on investment

Pick a single business bank account and start running all your income through that account. c) >24 months, Fannie opens up (typically) once that 2nd year of tax returns is filed and processed by the IRS.If you do a or b with the plan to refinance once you hit c, make sure there is no early payoff penalty.

I have only sent post cards & letters, and my return rate was much higher with letters. 

In theory my return for what I pay down is the interest rate which is now close to 4%.

As @Ryan Paltridge mentioned, it is best to work with with someone in the area, ideally someone that is doing or has done what you are trying to do, as one would understand what you are trying to achieve and follow the Return/ROI/Cap Rate/Cash on cash return (which ever way you are analyzing your deal)  you are looking to accomplish. 

And don't forget the other numbers like Cash Flow, Cash on Cash, and Return on Investment.

Not having 2 full years of tax returns and being self employed is keeping me from using local portfolio lenders.

Not having 2 full years of tax returns and being self employed is keeping me from using local portfolio lenders.

Since it is a no cash down deal, I don't require the same return as I would on a 20% down deal (w/ ELOC IO pmt).Some will argue against ELOCs and interest only for rate/long-term reasons and it really depends on your market/risk assessment.

A bad tenant that fails to pay rent for one month and leaves the place damaged could easily cost you $5,000 - $10,000.