One measure of lending /borrowing risk is debt service coverage ratio. 

I plan to get a few other quotes but I have no idea if this is typical.Processing Fees $495.00Underwriting Fees $695.00 Loan Administration $58.00Fee Discount Points $719.20 Appraisal $515.00Title - Wire / Courier Fee $85.00 Settlement Fee $550.00 Lender's Title Insurance $450.00Recording Fees $90.00Realtor/Broker Service Fee $395.00Tax Prorations $1,500.00Total Estimated Closing Costs $5,552.20

Do I need to improve the property/raise rents enough over the course of the 2 years that a bank will give me a traditional loan at that point?

Part of my services involves space planning.

I can be on the road and halfway to Texas before the masses that can travel make it from Riverside & Temecula to Phoenix and overwhelm the services here. ;-)

A slumlord describes the landlord who doesn't maintain the property up to building code and habitability standards, and who doesn't respond to tenant requests for service and maintenance.The location of the property, amount of rent collected, value of property, or income of the tenant is NOT what defines a slumlord.

My husband had been over there to meet our HVAC guy for servicing the units before summer.  

@Ivette Bravo - I am hoping these people are buying because they can force appreciation through rehab or raise rents. 

The main advantage purchasing an existing facility provides is some income while you are stabilizing the property; even if the owner only has 30% occupancy, that's better than starting from scratch with debt service payments.

So you open up a new bank account in CO, and give someone you know in Colorodo ATM authorization to use your debit card and put a prepaid amount on there for them to buy groceries each month as a tip for doing you the service.