As a result of this demand environment, multifamily construction was the first sector of the industry to recover to relatively normal conditions, which were achieved in construction terms by 2015.

Owner-occupied conventional loans typically go as low as 5% and sometimes as low as 3% in special conditions. 

My husband and I want to purchase a home from his grandmother who has a POA (Husband’s brother) due to her age (95) and condition.

The one caveat being only if it is in really bad shape and needs to be cleaned up.Is it in good condition? 

That's a great question, and I think you nailed the issue - there's not a standard definition/criteria beyond it can be rented in current condition.

Depending on the condition of your property, you'll have a builder's risk policy, vacant house policy, and finally a landlord policy (basically the landlord version of a homeowner's policy). 

If you buy a property in barely rentable condition and charge $600 rent, then you update it significantly and then charge $800 rent, should your estimate for repair costs increase or decrease?

Between the lease, lead pamphlets, lead disclosure, move in conditions checklist, I feel like I have allot of papers here.

Depending on your hold plan, current condition/age of property, interest rates, and plenty other variables, I know plenty of people who still cash flow well without hitting 1%. 

For my first real estate investment I have access to the funds that would allow me to put 20% down on 2 or 3 $200,000ish Condos.The Condo’s are in good condition and would not need any rehab.Is it smart, stupid, wise, unwise if I purchased the Condos with a 20% down, and rented them out at a proper rental rate (which would be a few hundred dollars higher than the mortgage)???