They want cash flow today putting 3.5% down.

(Auctions and foreclosures can also provide great leads.)With $20K, hard money loans are a practical option, as they emphasize a property’s ARV over your financial history.

I would love to chat with someone who is a mortgage broker to understand your day to day workflows a little better.

I personally own a large portfolio here in Memphis and I hired a property manager for the very first proeprty and I still use them today. 

I would think in most situations the original owner is in financial trouble, probably delinquent on their mortgage and facing foreclosure.

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I'm not sure if that would bring in enough money but it would certainly make things easier financially speaking while you built up your real estate portfolio. 

You are a high w2 earner, The house is worth 110k today, you are buying from your grandma for 60k in exchange for free rent for life, upside ARV of 200k.The costs of owning the house will help provide tax relief on your high w2 earnings, you are buying a great chunk of equity that will pay off in the future, and you and your grandma are doing each other solids. 

The numbers may be 30-40% lower than today's cost, but the process/approach to estimating may be good for you to review.

Look at me taking charge of my financial future!