If the market is super competitive, then paying cash may be a great option to secure the property and then, as @Chris Mason mentioned, using delayed financing to secure a 30yr fixed rate mortgage after closing would be a great option. 

Also keep in mind in general crime is up, so think about security systems if it is a concern.Although this next statement probably won't make you feel better, but not all crime is reported. 

I would imagine it would be hard to secure anywhere close to those rates right now (they have gone up recently) even on your primary home.

Lots of people are OK with that because a lot of times people buying in that 2 to 5 million dollar range are more "sophisticated" than someone buying their first home or investment property and they know their way around the deal and don't need guidance, they just want to get the deal.If you feel comfortable with the deal process and economics then I wouldnt worry about what the listing agent is going to earn but if you are worried about getting hosed, you probably should be and hire an agent to work on your behalf.

In order to be successful at it, I would advise developing your Core Four: investor friendly realtor, reliable contractor, sophisticated lender and a reputable property manager.

Also, if I have a questionable tenant, I increase the security deposit.

You should have included prorated rent AND the security deposit as part of the contract. 

From there, as Charles mentioned, lenders will have specific requirements for liquidity and net worth to secure a loan.  

This is why the fed was buying all the available mortgage backed securities over the last year.

Secured hard money, bought and rehabbed a house, then refi'ed with traditional lending.