Go home and call all of your credit cars and ask them to lower your interest rate and raise your credit limit".

Prepare for a potential vacancy.

Note: I am aware of online applications like cozy that makes sure they fill out and pay their background/credit check but the applications for those types of software doesn't cover everything I want to ask and Brandon suggested paper applications is the way to go so it being my first rental I'll follow his advice on that but I just need a robust way of doing it.3.

I have one more question as we prepare to bid on our first property.

With that said, you still have options. 1) Speak with some local banks/credit unions to see how much money you could borrow to purchase a place and what % down payment they require. 

I have excellent credit, a DTI of less than 25%, and a well paying job at a business I've been at for over 5 years.

This way I am more prepared for the next time an opportunity like this comes up.So here are the details of the deal:3 bedroom, 1 bathroom single family propertyListing requested an all-cash offerThe numbers looked like this:Listed on the MLS for $80,000Needed about $20,000 to bring it up to meet or exceed the quality of similar houses in the areaEstimated After Repair Value (I think abbreviated ARV) was around $141,000Similar rents range from $1,100 to $1,300Initially looking at this, my thinking was that the $80,000 purchase price plus $20,000 rehab bill puts me at 70% of the ARV, and my understanding is 75% or under is the target for BRRRR. 

Let me tell you few things, not scare way but to educate you and prepare you for the worst.

I have good credit with a very low credit utilization at the moment, and I don't really want to jeopardize it too much.

They'll start to point things out you may have missed.After doing this a few times you can get comfortable that your numbers are about 80% correct and you can just build in a 20-25% contingency for the stuff you missed Now you're ready to start pulling the triggerOf course you can ignore all of the hard work up front and just dive in...but then you also need to be prepared to lose $20k...if you don't have $20k to lose...spend the time to do your homework and practice first.