You can only do one owner occupied loan within that time frame.

Any advice on where to source inexpensive materials for general renovations?

Also, she saved me a lot of money by convincing me to go more inexpensive where as the other realtors were trying to get me to spend more money than what I felt comfortable doing. 

I'm in the insurance business and ALWAYS recommend it due to the inexpensiveness and the hole it leaves in peoples policies. 

Find an inexpensive flip that just needs some cosmetics (hopefully you know how to do most of the repairs yourself because that will save you money).

or would the owner still have to purchase another property in the time frame using that trust?

@Chris Sellers,What was the time frame from start to finish?

Those might already by included in expenses, not sure.

Suggest you go the electric route--less or  no maintenance costs, and when repair is needed, inexpensive compared to most gas fired boilers or furnaces.I would also have a small natural gas wall space heater installed somewhere on the main living floor (not in bedrooms) just in case of power outage and / or for supplemental heating.  

There was a few challenges as we were dealing with an extremely short time frame and he started with only a weeks notice.