All in all, the tenant will usually have less credited than they think for loan to value lending purposes and will fail to obtain the loan, that being the plan by predatory sellers. 

The money and the credit don't necessarily need to come from you but you need to have the time to dedicate to getting started and the primary thing you need to focus on in the beginning is obtaining all of the Knowledge you can.Pick your REI niche, retail flips, turn key rentals, etc., and then get as much knowledge on that strategy as possible, by whatever means necessary and possible. 

I felt kind of bad for them but I obtained their contact information so hopefully I can work with them and make that expense worthwhile for them. 

Is it necessary to obtain an initial appraisal for the property I'm going to purchase?

I cannot tell you what the rate would be as you would have to price your loan out, but I do know that if you qualify you can obtain two of the three items you want. 

If you just want to invest in real estate, you don't need to get a license.If you are interested in working in real estate and desire to get a license, you will want to do some studying on the Oklahoma Real Estate Commission's website to learn the process for obtaining a license.

I am hoping that I will be able to use the properties I own out-right to obtain mortgages for further properties (within a period of time, 6-24 months) and grow the portfolio from there.

I'm willing to split all deals 50/50 or even 60/40 as I have a full time job and I'm more interested in obtaining knowledge to support myself for a lifetime. 

How do I obtain a P&S and any additional paperwork/documents to complete the deal?

Im sure something like this has already been covered in the forums but I just have a couple questions..I have private investors lined out for 9% APR (Interest Only), which I will use their capital to buy multi-family units. 1 year after obtaining these properies I want to refinance these properties and pay off the private investor funds while taking longer term mortgages at lower interest rates with a bank or mortgage broker.My questions are: 1) are refinancing multi family units more difficult than single family homes?