I have excellent credit and am also building business credit.

I was able to find an excellent dry wall guy when were opening our store.

We work with one list for about 6 months at a time and see what comes from that.I agree with @John White that you should look to buy a multifamily using first time homebuyer financing (3 units is most common and will help you cover your mortgage).I also always recommend opening up excel and creating an income and expense spreadsheet to determine what your potential investment would look like (or going to google).Normally I don't recommend buying anything that does not have positive cash flow, but if you're paying 2k a month in rent right now, it's not necessarily bad if you end up paying 500 a month with a MFH.  

There are spots in North Miami and North Miami Beach that still have SFRs under $130k with excellent neighborhood rent rates and not too rough.

If there is only paneling in the entire house, nothing underneath it is worth it to do so you can beef up insulation and fix wiring. 

So I'm wondering if a first time home buyer, with excellent credit, almost no debt and a household income between $120-$140k could get an 80/15/5 or am I stuck with the 80/10/10?

Excellent suggestions...thanks!

(especially the short sales)Emily Morris and her team are excellent, and they know what they're doing.

excellent Chuck Catchings!!!!

build an excel model to show what your returns are with different assumptions.