They weren't willing to co-sign...However, after meeting with a local bank who has been good to me, my wife, and our families we were offered the following terms..Yellow: Cash out $205,000 at 5.25% - adjustable rate.

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?

Just write checks to myself as "distributions" from my LLC business bank account?  

Hey Bryan, you could buy you next property in the next month if you want to, but I am assuming you are asking about the 2 year period due to banks wanting to see 2 years of filed Schedule E's to use the rental property income in the calculation for what loan they will give you. 

There’s a reason people can’t finance through a bank.

If you go to a bank or lender directly, you will most likely be dealing with an unlicensed salesperson who's sole job is to sell you on what's going to make the bank or lender the most money.

Does this only matter if you are going through a bank? 

Owner financing is a good idea if the terms and interest rate is not much higher then what you can get from a bank.

Bank your money and when opportunity comes, be ready to pounce.

The inventory is there and perhaps there will be an increase in inventory after the next market downturn (after the lag of borrower defaults to bank sell offs).