Speak to lenders, have a nice package together: they will want an SREO, your background, your assets/ income etc, they will want your "business plan", your underwriting, your capex breakdown line by line. 

Generally speaking - repairs/maintenance (10%), CapEx (10%) and vacancy (5%).

@Matt Solis would be the perfect person to speak to about this!

I recommend you speak with him. 

You're looking for hesitation on how they speak of them as a person they did work/business with depending on a job or rental reference.3.)

I can't really speak to how good they are at criminal records; as far as I recall it either didn't find anything, or just something minor like a speeding ticket, for both sets of applicants I ran it on. 

Generally speaking, you should always first explore and exhaust the seller financing option especially given a friendly seller. 

If not, you may have to qualify with the full mortgage payment against your debt to income ratio, including the new home that you are looking to purchase.From a tax standpoint, you may want to speak with @Natalie Kolodij. 

If it is that good of a deal, I would go down to the county office and speak with them to learn the process and the timing it takes to get a permit. 

My business partner owns a roofing company but has weak credit and more limited cash flow.Honestly it's really best to speak with a CPA to go over what strategy would be best for you and him.