You can also have the funding and then not get the property under contract and then you have to reapply for the loan, ping your credit....not the best way.Both options work, it depends on you as an investor and what you feel comfortable doing.  

Could be debt ratio, down payment, credit score etc...Try Home Possible. 

These are units that are occupied by people who have low credit, hard to prove income, rental history issues, crime issues, etc. 

They are all slightly different on things like, can cash out be used as cash reserves, seasoning, LTV's and min. credit scores.

I only own 3 properties, if you own more (or have mortgages on more than 3), cant remember, they will not do equity lines of credit for investment properties.

The actual management of the property does not take up a significant amount of time (depending on the quality of tenant and property- I would suggest both being good to great) but leasing the property does take special skills that are better "contracted out."

They wondered how they could still only get $750.00 a month when they spent so much money on extra’s to make the house super special!

Anything special to look out for aside of the obvious damage to the lining / walls, plumbing?

The W-2 job allows you to form a cash and credit basis from which you can start purchasing properties.

Also his credit score comes back as N/A.