You don't need to actually rent to purchase a renters policy.

Up to 75% purchase price , 1.1 DSCR minimum ratio minimum 650 credit score 25 or 30 year for lender I work with

I have helped many new investors purchase their first property in Memphis and LIT.

You might consider hard money for the initial purchase or going with a DSCR type lender if you find something that is more turnkey.Hey!

I purchased at 300k with 5% down & put roughly 90k into the property over a 2 year period.

Single family has more stabilized as there is not enough people who can afford homes.The purchaser is two very distinct types of groups who buy MF vs. single family and single family is bought to own and occupy, MF is bought to generate money.

The purchase contract makes the buyer legally responsible for the loan. 

That someone is going to deliver to you, on a silver platter, a property purchase you can simply say "yeah, sure, I'll take that" where you do some paint, carpet, little cleaning and tidying and turn around and clear a $100k? 

Step 1: Get preapproved for an FHA loan for the purchase price you are looking for.Step 2: Connect with builders until you find a few that will finance the construction of your home. 

The only two ways to rectify this are (1) purchase the property far below market price or (2) significantly increase the property net income usually through some method of “repositioning”.