Let's assume your credit is trashed because some one stole your identity six months ago through no fault of your own, and the best you can do is 4.375% on a 25 year fixed.

I have just begun due diligence to ensure she/it is a real entity before submitting my personal info as I am paranoid of ID theft, but it looks legit so far. 

Also something to remember is if you do not have a policy written down and you "Pick and Choose" in the eye of the tenant you could be sued for a Fair Housing / Discrimination Lawsuit.. always put it in writing and treat every prospect identical...

Based on previous experience (purchased an identical house across the street from a sheriffs sale) we determine we can pay the back taxes and rehab for under 10k and rent for 650 a month.

Would you rather own a property that has a $500/month net positive cash-flow, or a property with $100k equity right off the bat ASSUMING that both properties are identical?  

Also; No homes like this have sold recently (last identical home $365k 2014) and there are 500 NOD and foreclosure properties nearby.If I can pay past due on loan and take property subject-to I can use the property or rent the property.For my wife's business, fine property on a street with similar fine properties.

Let's say I would like to buy and hold properties here in the Ft.

Incidentally you can always have any rate appearing on the rate sheet, meaning everyone has identical rates, all that changes is the cost or lender credit for the rate that you happen to find appealing.

Your numbers in terms of ltv and equity match almost identically with my current property.

@James Stansberry I'm a new investor and would love to partner up with you, I used to live in the ft pierce area