This keeps the job moving and ensures that you do not get stuck at the end with a poorly executed rehab.

First - realize that AirBNB usually makes a lot more money than a long term rental (based on having a good occupancy rate <# of days rented per month>) ... but that all comes with the responsibility of continuous turn-over - where you likely need a cleaning service, etc as a support staff - unless you are going to do that yourself.Second - When looking at renters - the reason many renters rent is that they DO have poor credit scores.  

I am talking to a lawyer to outline our plan tomorrow so we execute legally, but there doesn't seem to be any information available explaining how people are pulling this off.

And it was office staff.

And the last thing: entering into contract with a seller who suffers from dementia and mentally unfit to comprehend and execute a contract renders said contract void and null in the eyes of law.

The LO (loan officer) needs to be in constant and cohesive contact with the borrower(s), listing and buyer brokers, processor(s), underwriter, title agent and generally in the driver's seat once the contract or refinance is executed. 

Do you have the property under an executed contract or is this just a verbal terms from the seller?

We also have an investment meetup group every month, execution based group. 

Just like setting up any other business, it comes down to business planning and execution.

The Seller must verify that the Borrower no longer owns the property by documenting the property transfer and obtaining a copy of any assumption agreement executed by the transferee.