Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

Check out this video as a guide.

Loan approved because it was a good deal.Our #5 was back to the commercial lender.  7 of the 8 units were occupied and the income met the lender's guide line of the income covering the principal, interest, taxes and insurance with a bit left over.  

Let that guide you. 

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

If you reach out to the lender you're approved with, I'm sure they would be able to confirm and guide you further.  

Make sure to read the Beginner’s Guide: http://www.biggerpockets.com/real-estate-investing

There are many pros, but two cons that seem most prominent in my mind of the bat: 1) getting a license doesn't make you an expert out of the gate, even with MLS - an experienced real estate agent can guide you into an emerging market that you might not know about vs. an obvious, saturated market, for example, or explain why a comp only .2 miles away is actually no good for your prospective purchase, among other things 2) if any litigation were to arise in your r.e. business, having a license will almost undoubtedly mean you are held to a higher standard, probably with respect to any aspect of the deal. 

@Joseph Scorese, I am not familiar with all of the rules on FNMA 10 but for those lenders that might not use it as a guide, have you seen anyone be able to cash out refinance before 6 months?

Have you read through The Ultimate Beginner's Guide?