We did a commercial loan, 20% down (10% down each)-I leveraged my partner's relationship with his commercial lenders to establish a baseline of credibility for myself and cut my teeth doing my first deal.

Check for open faucets/valves first.

An unsophisticated borrower can focus on their mortgage payment vs. rental rates instead of what the property is worth.In the example above, the $85K sale price could be justified if the seller did an extensive rehab, but they wouldn't be trying to sell the note for $40K if that was the case.

Hello Andy, if your 1st property is finished you will be able to pull 75-80% of the market value out of it, if you have a minimum of a 660 Credit Score you can get a DSCR rate which will be in the high 6 to low 7% range.

I found that many lenders create a which comes first chicken or egg challenge. 

From what I remember, you want to be in a first lien position.

We are looking to buy our first short-term rental investment property, which is 3 hours away.

Trying to find a bank who is OK with a line for real estate and has a low-ish rate. 

I am on my way to buy my first property as a 20 year old student.

Flat rate of $800/month to a bookkeeper that specializes in real estate.