For an investment property, the most common type of loan is a debt service coverage loan (DSCR) which qualifies you based off the anticipated rental income of the property.

Seems common with older houses especially those 100 year old houses in the north Jersey area.

Joanne, There could be several downsides, but as long as you and your agent are managing the program, they can be avoided.A common issue many new investors run into is that they assume because their company was the most competitive on singles and duplexes, that company will be competitive on ALL of their properties.  

The most common portfolio style loan in Texas is a 20 year adjustable rate loan.

The biggest issues we faced was equipment breakdown as customers routinely abuse the equipment  the most common repair ws due to over stuffing the washers and using the washers to dye items.

Your predicament is pretty common.  

The seller was having health problems, could not afford to make the necessary repairs to the house, and needed to sell quickly, as-is.

I seriously think that this effect is limited to SF and duplexes beyond that you will face what is called the "tragedy of the commons".   

It’s common in my area.

Depending on if this is a full rental or house hack, you can use market place and Craig’s list to find cheap furniture for common areas.