Simple way to think of it is with the additional principle, would you rather invest it and make "x" (x being whatever return you can generate through RE, stock..etc) or use it to minimize the 3-4% interest rate that's locked.

That’s not to say don’t shop around and find the best rate you can, but for us new people we could waste all our time and energy and get down on ourselves looking for the perfect rate, OR we could just make sure our deal works with the rate we get.Good luck!

The credit impact is likely to be minimal and if I recall once you are over the excellent credit threshold the rate doesn't really change anymore, I want to say that the excellent credit threshold is in the low to mid 700s but don't quote me on that.

Agents think it's an easy way to attract leads but everyone I've seen try it ends up with a lot of loser leads that just waste their time.Read "Millionaire Real Estate Agent" by Gary Keller.

I assumed if this was done I shouldn't have any repairs that are not covered by a warranty or at least very minimal in cost.

Even if its a few tiles missing or something minimal. 

Long term your leverage is minimal since interest rates are so low right now. 

Investment Sales Listing Brokers: Listing brokers have inventory, and can provide you with deal exposure - as long as you don’t waste their time or ask too many “newbie” questions.

Don't waste your time around people that are super guarded about giving out their contacts and "secrets". 

If you have a friend that lives in the state you are wanting to buy ask them to take a look at proprieties for you, it could be the case they think you are wasting there time but if you do all the work ahead of time then they may be willing to make you a priority.