I suggest you take the time to learn some basics about contracts.

But I advise getting some basic knowledge beforehand so you are not overwhelmed. 

I have one with no income limit that is basically the same as an FHA loan characteristic wise.

@Craig McConnell i moved to detroit last year (attorney from columbus turned realtor in detroit). since the city is 140 square miles, i read the 900 page zoning code, made outlines, and came to this conclusion based on market research and the zoning: the city is investing in "Traditional Main Street Overlay Areas." it's a term of art from our zoning code, that basically means that there's existing (probably vacant) commercial corridors that are being revitalized and re-tenanted in these areas. so if you look at the map of the Overlay Areas, the orange are the original areas and then the purple are the newer, up-and-coming areas. so the orange is like midtown, corktown, bagley (investors love bagley). and the purple is like van dyke and 8 mile (like Cameron mentioned earlier) and the e warren Overlay Area, which is the 48224 zip code. i really like that zip code (the whole zip code, both north and south of i-94). the house sizes are rarely over 2,000 sqft (most are 700-1,600 sqft). there are some duplexes, lots are sfh, and owner-occs, and the neighborhoods aren't bombed out (like there aren't any vacant lots mixed in with the houses. rather, the streets are lined with little brick bungalows built between 1920-1950). the entry point in 48224 is a little lower than bagley for instance. but the ARVs are climbing and demand is there, especially for $200k homes (they often go to fha buyers). and we're seeing closing cost concessions just being stacked on top of the purchase price (as opposed to cutting into seller's net). i just leased half a duplex in 48224 for $1,450. it basically has original everything, but landlord did add new butcher block counter and dishwasher. last thing about 48224, it has some of the highest rated schools in detroit. i'm not saying these are the only areas to invest in, but they are the established areas that the city is pushing investment. so if you strictly stick to the Overlay Areas, you'll miss out on some of the up-and-coming areas, like islandview (east side) for instance, but will be investing in more established detroit neighborhoods. 

I know many investors do cash out refi's for down payments on other properties, Im just a little nervous bringing my cashflow to basically 0.

I did tell the buyer prior to closing I would pay for some of the costs, but then the buyer basically rushed to the closing table.

If they can’t manage basic paperwork and compliance, how will they manage a full renovation?

I've only joined recently and continue to see a handful of individuals giving generic answers on the forums in paragraph formats, all whilst basically spamming every other post to boost their stats it seems.

You basically just answred all of the questions I had while looking to invest in Scranton.

Don’t be afraid to ask questions, even if they feel basic.