My below recommendation is something I'd do only if I had these things in order...But what I would do is put that money into lead generation dollars through Google PPC to generate new seller leads.I'd then close these deals and either assign the contract to a cash buyer OR novate the property on the MLS with the help of a local agent.After that when you have some good coin in the bank you can explore more investment options at your disposal.And just so you know -- I consider myself someone very low on the industry totem pole due to my small amount of experience. 

Get a bank statement to cross-reference their paychecks as most employers now direct deposit.You'll also see if they have a savings history or are living paycheck-to-paycheck.If they are not paying rent right now and have no savings, how well do you think they'll be able to adjust their budget, so they can pay rent on time?

And then I would use trust deed and promissory note to get a loan with lower interest rate this is how all lenders work banks HML private money lenders if they are scaling.. 

It’s a one-time cost, easy to maintain, and shows you’re thoughtful about providing convenience for your guests without breaking the bank.

A REAL fixer needs so much work that it doesn't qualify for traditional financing options.

Also, compared to a traditional loan (i.e., conventional, FHA, etc.) for a primary residence your rate/points options are going to be higher for an investment.

Bank loan How did you add value to the deal?

Why would capital requirements be any less than traditional development? 

For the most part all you do is monitor your bank account.  

Bank loan How did you add value to the deal?