I would say every deal is different... however, like you said, when holding costs are $5k a month, a 20k margin wont get much interest. 

We are looking to get into residential for the foreseeable future and I understand each city/area is specific to itself.

Let me know if you have any specific tax questions.Just so you are awarePA does not follow the federal guidelines for 1031 exchanges(does't apply in your case if you are flipping but i thought i'd let you know if you were thinking of alternative exit opportunities).Also PA does not recognize NOL's at the state level for individuals.

I'm specifically wondering how do you go about using the program for the first time as a landlord.

As far as LL not being able to charge for self cleaning of the premises / repairing damage I do not see anything specifically stating that for MO?  

@Danielle G. super common question and this is going to be VERY specific if your properties are here in Texas. 

Also, there is a "Florida" specific forum that might have some good leads for you as well. 

Specific answers to your questions:1.

I know this sounds crazy but very large banks, specifically ones that are publicly traded want to limit their risk. 

Or does the process work by getting pre approved for a specific deal once it's in sight?