You have to undergo an initial inspection and yearly inspection for Section 8. 

As far as personal property goes, I own nothing.I do own a business, currently undergoing a change from sole proprietorship to LLC so that I can open up a second business under the umbrella for REI, but that's neither here nor there.My question: where do I even start to find a lender to help me on my first REI?

Yes: I always put my rental qualifications in my ads, including the fact that the tenant must make 3 times the rent in income, have no history of evictions, no accounts in collections, undergo a credit check, have a certain FICO score, etc.. 

According to my mortgage broker, there are many alternate lenders which will allow 10% borrowed down payment.There are a few more stringent factors, I wasn't able to find any alternate lenders in smaller communities, and they were not willing to lend on properties which are not readily habitable (undergoing or in the midst of construction, "refreshing" the property was fine)Rates are also higher.

CPAs booking their clients flips as capital gains are going to be in a world of hurt should their client ever undergo an audit.If you were to do the one-off flip, I can see the argument for capital gain treatment.

However, suburbia itself is undergoing a transformation, with many initiatives, both public and private sector, both large and small, leading a a more town like environment - something like what the small towns surrounding large cities were like in the first half of the 20th century.  

If rents are below market and still at 60%, chances are many of the renters are undesirable and the purchaser is looking at undergoing a 100% turnover in renters, hence a real need to be cash rich to weather that storm.

Real estate seems to be a happening field and with the growth our area is undergoing it certainly is to become a mega metropolis soon that needs some folks all trained up in the business.

Unfortunately, with a higher rate of transience at this price point, leases will be broken with uncollected rent, and once the property is vacant, it needs to undergo a make-ready and then has to be marketed.  

You wouldn't undergo a major operation without getting a second opinion from another doctor or two, Right?