For a while, I was trying to start a business of running vacation rental properties but ran into financing issues as I had an extremely hard time trying to get sufficient capital to expand quickly. 

You just might have  sufficient funds to close? 

Generally i try and stay away from contracts and deal with straight purchases but given the condition of the house i do not have sufficient funding to buy the house outright.

I feel it is a great deal and I don't want to get beat out on my first deal because I didn't have a cash offer.If a HML requires a renovation, then would a new roof and AC added be sufficient to allow for the loan to go through? 

It is pretty amazing stuff. 80+% of our leads/rentals come from online lead generation so it is very efficient and we text message the vast majority of leads which saves tons of time. 

Long term buy hold investing  ( what the vast majority do and want to do) then you have transactional real estate that those that work in the business doIE RE brokers   flippers  builders  court house steps buyers etc etc. 

This requires a bit more planning to make sure you never term out of your commercial mortgage during a period of time when values are not favorable for a refinance like at the bottom of a market cycle.So with sufficient foresight and use of the pro's while minimizing the con's I side with commercial financing from a RE investor perspective, but for the newer aspiring investors I will side with conventional since its financing with training wheels that favor the borrower.

How did you go about getting a sufficient contract that can help me get started?

The vast majority of BP user invest in one MSA.

@Dana PowellIf you have home owner’s insurance and require roommates to get renter’s insurance that should be sufficient I believe.