I have not rented to them personally, but I know other landlords who do who are very happy with the program. 

I am very excited to start being more active on the BP forums

With tax season now being here, I am thinking about ditching the excel spreadsheets and using a program like Quickbooks moving forward.  

Here's my point, if you drive on the property and the parking lot has pot holes and you can't see the striping, weeds are overgrowing the sign, the exterior of the building has been painted in 15 years or, if brick, has never been power washed, what's going to be your first impression as you drive on the property, if you even make the turn.If you do come on the property everything you look at, even if the interior has been completely renovated, you're going to find fault and continue to look for what else is wrong.That said, as you're renovating the exterior the tenants will actually start to get excited.

@Justin R. the 75% LTV you were told is for rate & term and not cash out, very different programs 

Personally, I wouldn't be overly excited about the numbers on this deal, $150 "positive" cash flow before expenses likely means that you'll be losing on this one over time once expenses are taken into the equation.For what it's worth, I would look at this type of transaction to see if I could fill the property with a long-term lease/option resident and possibly get a higher monthly payment (and offset much or all of the maintenance costs on the resident). 

A few months later, an out-of-state bank wanted in on the market and offered a special "lifestyle loan" program to those with a solid income who could afford the monthly payments (it ignored debt-to-income ratios).

I have heard a lot of posts about how to buy real estate with no money down, low down, first time buyer program, etc.

Currently they haven't rolled the program out here but when they do, I'll be applying. 

We are very excited, to say the least about the possibilities.