Did you know prior to your offer that the seller owned the home free and clear?

You may still decide to put down 20% but opportunities may present themselves prior to having the 20% saved.Regarding the strategy to target vacation rentals:  Make sure you research the vacancy rate during off seasons.  

It's important I prep them prior to signing an agreement and purchasing.

Prior to deciding I wanted to get involved in Real Estate Investing, I was an at-home-mom, mainly because I don't do well blindly taking orders from a Boss that will under pay me and also day care is crazy expensive when you have more than one kid... 

Is this a normal policy and is it intended to prevent borrowers from easily shopping loan rates? 

It has been our policy just to stay away from duplexes with common utilities (and we haven't invested in anything other than duplexes and SFRs).

(you decide this figure...I usually ask for 4x) times the stated rent and show no negative credit reports and co-signer must be US Citizen or legal resident.Will you deny rental if any of these are on the applicants credit/rental history:---past due rent or an outstanding balance ---prior/current landlord gives a negative reference or refuses to give a reference ---Three (3) or more 72-hour notices within a period of one year ---Three (3) or more NSF checks within a period of one year.

You'll see what areas you'll want to keep on investing in and where you'd rather stay away from.I talked to a few property managers prior to my visit and made appointments with them.  

I have a full business insurance policy for both contents (cost to replace) and complete liability plus another for workman's comp for freelancers I may hire on a one days basis.

It doesn't matter if you are young or old, totally new or need to build upon your experience.Yes, you have just announced a commitment to the thousands in this community about your seriousness regarding REI and have taken this bold step to affirm it.Your time on this site and with the BiggerPockets community will be well spent and can be financially rewarding if you so desire.You are here at the Forum, but, should raise your mouse to the top and explore the otherheadings displayed.Don't get overwhelmed by the massive amount of data archived on this site.Simply, bone up on the areas that you need to expand knowledge in such as, Forums,Marketplace, Learn, Network, Analyze, Resources.Feast on the Podcasts, #askbp Podcasts, blogs, webinars and the myriad of bookrecommendations.Also, you can review the quick links below to help solidify your grip on this site.http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessAfter becoming more knowledgeable and confident because of my above suggestions, take action to snag your first real estate investment deal if new or add to your existing holdings if you have prior experience.Don't get caught up in analysis paralysis.You must immerse yourself in the RE marketplace locally in your neighborhood or afar if the situation warrants it.Take calculated risks if needed and you shall be rewarded!"