The Fannie Mae guidelines are available on-line from Allregs.com and yes they can be read.

The safest bet in my opinion for the novice is liquidity.

One of the things I'm not quite sure about is when do I line up the property management company?

I know of investors who have lost their entire equity in a property that was paid off because of infractions when selling with a contract for deed in Texas.I am not willing and in no way would promote or recommend for an investor to walk the fine line for doing lease options in Texas.

Be there or be square, and remember, the shortest distance between two points is a straight line.

Most funding related questions will apply across state lines.

If the appraiser kills a deal, I'll bet you that the realtor and the mortgage broker will NEVER use that appraiser again.

I have a buyer lined up for the property.

With that unit filled, I should be able to cover all expenses and have about $100/mo cash flow (which will go directly into an acct to save up for any repairs down the line first; once that's built to my satisfaction, it'll go towards paying down the HELOC.)If all goes well with this unit, I hope to buy another by years end.

No worring about extra grout lines around cabinets , easier cleaning, no cracking , no smaller and bigger grout lines around cabinets, no worrying about dishwasher fitting . many good reasons.