Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.

Thank you.I've personally bought and sold over 15 properties, was a Realtor in Texas for 5 years, and a loan originator for almost 10.

What really matters is how long you think you will have this loan. 

Assuming since you did any FHA loan, this was a househack?

Could you recommend a trustworthy and cost-effective company for this? 

Any good resources for learning about hard money loans?

Since it was over 12 months with my HML, I ended up taking the property under my name with a 30-year conventional loan.

You can use the Bigger Pockets management finder tool to look up MTR management companies in the area and then I have a few recs I can provide if you are interested.Shoot me a message if you would like to discuss further and I can help you strategize to make sure you make the best decision possible!

Since the previous owner is getting most of the proceeds does the closing attorney issue him a 1099S and then issue my company one for a much lower amount?

Looking at this past week's CMI, it's interesting to see the buyer/seller positioning in the SE-ish area compared to the NW-ish area with rates high 6's in JanuaryStill bullish on W/NW future demand due to TSMC factory and other companies (dashboard snapshot below) but time will tell.