At the risk of repeating myself ... at the bottom CASH WILL BE KING; so save your pennies.
Bought a dozen properties north of Boston 1993-1995 ... most were HUD/RTC auctions - cash due in 30 days. Then moved on to REOs. Most banks would only take CASH for thier REOs. The banks were taking NO chances that the thing was coming back to them. Lenders locked out investors because they were still licking thier wounds.
Was able to get "in" with one REO manager who gave me loans with 20 % down 1 pt. below thier standard rate. Closed 4 properties with that bank (every time I saved up a deposit, I went shopping
). Then Mr. Market moved UP
and the REOs started flying off the shelves ... no need to haggle with me anymore
Still carry 3 of these properties today.