At #5 you need to put 25% down instead of the normal 15% minimum.

Normally, the agent is paid by the seller and so has a fiduciary to get the best deal for the seller.

But if we have a flat lot with normal set backs we buy off the shelve plans all in for 2 to 3k.

We normally say as little as possible, less for them to get upset about. 

Normally, I would jump all over it, but the tenant recently renewed the lease.

And the buyer owns a half million dollar pad and can't get a HELOC on it from a normal banking institution for peanuts interest rate and points wise. 4.

Unless you have an actual fixed "salary", your income will normally be averaged over 2 years. 

Or is that just normal wear and tear?

Conventional lenders will normally apply the same ratios (LTV, FICO and Debt to Income) as when you purchase your primary property, now they will just add the second home amounts to the first home.If you don't have the income or the cash, you will need to use non-conventional lending, such as private or hard money. 

One tip that I picked up here is while you are starting out and saving money for your investments, start driving / visiting areas you would like to invest in so you get a feel for prices, rents , house conditions etc, and visit and look at lots of homes and open houses so your eye get used to looking at repairs / upgrades that are normal in a particular market.