Many no-down payment and low down payment loans are not longer around. Your lender may ask for 10% or 20% down payment on an investment property.
If you are looking for foreclosure or investment property, try the U.S. Dept of Housing website http://www.hud.gov/homes/index.cfm. I find that the gov't is much easier to work with on foreclosures than banks. (You will have to pick a HUD Broker to assist you when you get ready to buy a HUD home)
Finally, your local section 8 office will offer free landlord classes. Yet, I suggest using an experienced and motivated agent for at least the first year of renting. You need someone who is familiar with Landlord tenancy laws, Section 8 rules and regulations, and someone to write an ironclad lease to protect your interest in court.
Linear Realty, LLC
In addition I would talk with my accountant to get some helpful hints on how my taxes will be impacted with the addition of this property to my portfolio. Good luck with you new venture.
In answer to your question about using a broker...do you mean Mortgage or Real Estate? Suggestion: A Realtor that you trust, is aggressive, willing to negotiate on your behalf, and will be watching for just the right properties for you IS INVALUABLE! Meet with a few, make a choice...and remain loyal to that person also! With a call or e-mail, I will put my best foot forward. Thank you, Renee
A good lender/broker (Brokers have more avenues than a traditional mortgage company and typically are on the Wholesale side and not Retail) to use in Georgia is Ameritage Financial Services. Their link is below.
Hope this helps! If you have other questions contact me offline.
Southern Homes and Land Real Estate
If you're going in knowing you are going to rent it out (not a second home) then most likely it will be an investment class loan.
You should speak with a qualified loan person. I think what you want to do is very "do-able". Feel free to contact me for references.