Obtaining loan for investement properties

[Yameen Salahuddin]

Can someone give this newbie a quick and dirty idea of what lenders look for when I go to qualify for a loan for an investment property? Do I need to have a specific property selected before going to a lender?

I've heard that lenders want to see that 75% of the rents can cover the mortgage pmt, taxes, and insurance. There must be more! Even if those numbers work out, won't the lender want to know what my personal financial situation is (debt to income ratio, FICA, etc..., all that good stuff that the lender looked at for my personal residence)?

Thanks, as always.