They're offering 5% for 20 years, no pre-payment penalty and the only cost is $2,100. 

I have been trying to get a note "deal" on Pre-REO for about a year. 

It has sat empty for the last 20 years but the current owners have completely gutted it, have bids from contractors they're willing to share, cost estimates etc. and have had lots of inspections done and so much pre-work with the city and county to figure out what they can and can't do, so a solid plan is already in place.

., HVAC tune-up, plumbing fixes)Deep clean entire property pre-listingEstimated Cost: $5,000Total Estimated Renovation Cost: $145,000Project TimelineWeek 1-2: Planning and DemolitionFinalize design and materialsObtain necessary permitsBegin demolition (kitchen, bathrooms, floors)Week 3-5: Structural and Major InstallationsInstall new cabinets and countertops in kitchenComplete bathroom tiling and vanity installationRefinish or replace flooringWeek 6-7: Painting and FixturesPaint interior and exteriorInstall lighting, hardware, and plumbing fixturesWeek 8: Finishing TouchesLandscaping and curb appeal updatesDeep cleaning and stagingTotal Timeline: 8 Weeks*This link comes directly from our calculators, based on information input by the member who posted.

Then any rental income you could obtain from that property could be used as an income source for loan pre-qualification.

Part of this is due to marketing and pre-marketing of the home - an agent is your marketer.

Part of this is due to marketing and pre-marketing of the home - an agent is your marketer. 

My recommendation would be to engage an investment property focused realtor (not a general residential realtor) and let that person guide you through the process from pre-qualification to market/property valuation and selection. 

As of right now we are establishing relationships with Brokers, had done some pre marketing for our investors to fund EMD and DD.

Your goal is to plant the idea in their mind and create a situation where selling to you feels like the easiest and most logical solution for them.If you haven’t already, the first step is to get pre-approved for a mortgage so you know what you could afford if you were to purchase the property conventionally.