Often times, I find lower end (Class C) properties can be purchased using Seller financing, lease options, Contracts for Deed, sandwich leasing, and a variety of other non-bank strategies. 

It wouldn't exactly be seller financing because if it was then you would get a sandwich mortgage.

As a first-time strategy, you may want to consider house-hacking, as was stated, or consider lease-option sandwiches.

Some ideas include: Cookies Cupcakes or muffins Pre-sliced zucchini bread or banana bread Pizza Burritos and tacos Sandwiches and wraps Empanadas and hand pies9.

Have you considered doing lease-option sandwiches, sometimes known as "Subject-To" deals? 

I think to grow the fastest, I'd just eat PB sandwiches and pay off the debt.OOC - What'd you get for your $80K?

If the rot is really bad, I would cut rotted section after installing the new beam and then add another beam to create a "sandwich" with the old beam in the middle.

I'm looking to get into sandwich leasing options and have found some preforeclosure houses I'm interested in finding tenants for.

Like a lease option sandwich for example.

@Trace Wilson  You've described a sandwich lease.