Above are just hypotheticals, but they bring to light the point, which is, evaluating opportunities requires apples to apples comparisons. 

One of my buy box requirements is the house needs to cashflow at least $500 per month or I am not buying it. 

One of my wholesale lenders used to be willing to finance these, I can't remember the CLTV requirement of the top.

Given you and your investor both have experience in different areas, I’d say keep a flexible approach and compare city requirements before putting too much money down.

Not your debts or your income or your DTI or your reserves or the extra guidelines and underwriting and overlays that that a residential mortgage company can have Do you require a personal guarantee? 

So this requires some upfront planning. 

Majority of the houses are old and require frequent repairs in addition to a poor tenant base that can't pay on time and don't care about their credit.

FHA loans require living in the home as your primary residence for 1 year after purchase.

Germantown has better cash flow potential but may require more hands-on management.

No personal income or tax returns are required.