However, there are other loans designed for fixer uppers referred to us hard money loans, bridge loans, or fix and flip loans but whatever you want to call them they're essentially short term, interest only loans with no prepayment penalties designed to finance a higher % of your purchase price and typically all of your renovations not to exceed a certain % of the ARV (typically 75% max). 

What REI don't get, is equity is actually what you are paying for a property. 

You can make a lot of money, but be warned, a large % of Section 8 tenants are complete savages.

Ensure lender approval before bringing the mortgage current, and use escrow or a lien to protect your money.

I partnered with a friend on this deal, he put up $20k and his contractor knowledge and I the rest of the money to complete the work.

I know you don't have money for a downpayment yet, but when you do, rent out rooms or buy a duplex or triplex and live in one side and rent out the others.  

If so you should be able to cancel but if you are doing it out of the inspection period you are stuck and could run the risk of losing your earnest money if you put any down. 

Time is money—choose someone who can execute efficiently without disrupting your revenue.8.

If you have this debt and need money, you may not be preparing yourself for the challenges of being a landlord.

This money will be used to pay down some debt I have and also purchase 1-2 additional rental properties.