These things typically have a long history.

What is the typical rents for this type house?

Beware of State regulations for No Fault Evictions - - typically there are high relocation fees to the existing tenant.  

I have little experience outside of owning my own home and the education I received in school.

The IRA is simply receiving interest on the loan and maybe points.  

These are typically run down and need lots of work to bring back to rent ready.What are you looking for?  

I did notice that the post said most portfolio loans have a higher interest rate typically than what you'd get with a conventional lender, and that they are usually shorter in term or have a balloon payment.Based on my personal situation, I shouldn't have much of an issue getting conventional financing for the first few properties.  

It shouldn't take more than 30 days, really depends on how quickly they process the application and the title work to be received. 

They typically want 2 years worth of tax returns (done by a CPA makes life easier), and will want bank statements for all accounts.

The seller's agent has been receiving non-stop calls for this property with offers $20K+ then my own, and have been doing my research on the area --- so I know there is great potential here.