Leverage is easily one of the best parts about real estate, but some people don't like the associated risk of being multiple hundreds of thousands in debt. 

What you have to be careful of is the fine print and associated fee's. 

Anti-flip overlays are actually very common, especially for jumbo loan amounts, but also retail banks.The ambiguity associated with "once reviewed by our quality review department will indicate if the property is truly a flip and how we proceed" & the fact that it could simply trigger a "loan denied" for reasons unclear to you is always the price paid for accepting an offer from a buyer using a big bank.You can try starting over with a new buyer or a new lender, if you like.

There is significantly less overhead paying cash and refinancing out your money later since you won't have interest, points, closing costs and other fees associated with a loan on the purchase.What part of Florida are you looking at properties in? 

I would check the Apartment Owner's Association of California (AOA) website under free forms.

So I was looking into portfolio loans, however have struggled to find the actual general terms on those loans (do they do 10, 15, 20 year terms, rough interest rate, fees associated with it, money down, etc).  

Also, what is the legality of rewording a contract from a realtor's association?

The report used U.S. census data and a Zillow survey of more than 13,000 home buyers, sellers, owners and renters.Of millennial buyers who moved in the last year, 64 percent stayed in the same city and just 7 percent moved to a different state, the Zillow study said.The Harvard study by its Joint Center for Housing Studies – which used data from the census and the Department of Housing and Urban Development as well as its own analysis – found most stereotypes associated with millennial homebuyers were not true.It said among the misconceptions were that millennials want to live in urban locations closer to employment, commercial and social centers; prefer the flexibility of renting; and are unwilling to take on the financial risks of ownership in the wake of the housing market collapse."

If the property does not get redeemed, you'll have to be prepared to initiate foreclosure and if successful, you'll have to be prepared to pay of the subsequent liens and any fees associated with taking title to the property.If that approach is not attractive, start looking for a partner to step in and help with the finances or to take over for you - be prepared to convince them that the property is worth investing in.

These low down-payment owner occupant loans are very forgiving once you get to do your financial, physical and legal due diligence in order.I wanted to express my thanks for all the support provided by the various professionals I have been meeting in the real estate investor associations, meetups and casual one-offs, and of course, the BP community.Finally, for all the newcomers in the arena struggling to get your first deal under the belt, just be assured that with knowledge, patience, and positive entrepreneurship skills, be confident that you will ultimately do it.