@Maximilian Glodde Yes, that is the basic information that you need, and you can probably download a simple form for a promissory note from the internet.

Congratulations, you have found one of the most valuable free resources on the internet for real estate investors new and old.

the internet speeds that up a lot now. 

So far the internet has painted a rosy picture of it being relatively easy (i.e., as long as the house doesn’t need repairs all you need to do is call up the Dallas HUD office and have them review your house) but I am always leery of easy processes, especially when it deals with getting government approval.

Neither would provide 95% LTV, but the rates were in line with the lender I'm currently going with at lesser LTVs.I've had trouble finding other 95% LTV options and I do not want to submit my information all over the internet to simply get an answer on 95% LTV and rates.Does this seem like a reasonable rate at those terms?

We then started contacting the document processor about wiring our earnest money via the internet.

All that fancy stuff looks cool on internet but in real life they are nothing but a money pit.

Do not rely simply on internet research to assess.https://www.biggerpockets.com/forums/760/topics/741154-is-stop-6-worth-investing-in

The internet cannot capture perception.

So instead of renting for lets just say 1500 for the house, charge 900 for each of the 3 bedrooms, and include utilities and internet into that price.