We don't like that solution very much, but it is an option.It's interesting that you require payment up front for changes.

@Matt Katsaris I agree with you which is why I am looking for solutions on the best way to go ABOUT buying it so it is mine in the future.

Hi Ben,Get a few more bids, and make sure you do not buy services you do not need.In other words, find the lowest cost package of services that meet you needs.Walk the property with each pest bidder and if they point out things to fix, such as lids on garbage cans, holes caulked up in the siding, resident unwashed dishes in sink that should not be there...etc...Photo them with your phone and fix them.Be wary of the neighbors pets and kids when they prescribe a solution for you.

I got a chance to work with her on one of her properties here in AK and not only did she have a fantastically managed property but she was exceptionally solution minded and great to deal with on the transaction.

Relying on anything they say is hazardous to your financial well being.Their supposed "huge list" is modern day mythology. 

You mentioned a cosigner for the income/work experience piece (parent), and yes that is the right solution.

After paying your contractor for some modernizing touches, you have a slim $2,750 invested.

I know the handrails are not the correct height for modern times, but if they were higher on the landing no mattress would ever make it to the bedrooms. 

I'm planning to use it as an STR, so that gave me the leeway to use some creative finishes and solutions.

These are normally setup for short term financing solutions so you can move fast to purchase, refinance into long term loans, then use your cash to buy some more or invest into rehabs...