When running a screening report on tenants, I recommend doing a full background check, credit check, and eviction report on any applicant above the age of 18. 

Great way to get rolling in real estate and since you are paying cash for everything you don't have to worry about credit - AND - you will sleep well at night because everything is paid for. 

Advantages for me: slightly less paperwork, fast approvals, leeway if your credit score is borderline for a specific rate, relationships, flexibility to lend on properties that need significant repairs.Main con is slightly higher than average interest rates and shorter terms, for me at least.  5-6% and 20 year amortization is generally what I'm paying.Hope that helps,- Tom

To get the lowest rate which is 7 ish right now, its 60%  ltv and at least a 740 credit score. 

The city made a terrible mistake and mixed up the addresses and said it was zoned for a 4 plex.

Never had any real credit established.

Entered my credit card info and all, submitted it and assumed all's good.

I have about $20,000 liquid that I can tap into from savings, which I would use a portion for the down payment, and my credit score is 710-714 so I'm not opposed to obtaining financing through a local bank or credit union for financing.Also, what additional books, materials, or resources would you recommend that I could read to get myself more familiarized with this form of real estate investing?

. ($50M portfolio) & I can tell you without a doubt it's a terrible idea to put a tenant in the property that cannot pay 1st months rent & an equivalent security deposit.The fact that many people you are talking to cannot afford this is actually a good thing.

Those who can rehab sell at top market price, or sell off the entire portfolio for a heavy discount.Frankly I think it’s the hard truth for most Landlords, there’s no easy exit unless they own hundreds of units and have children to off load them on.You can’t 1031 out, taxes will be due, but you may be able to buy land tax credits at 60-80c on the dollar.