The house, built in the early 1900s, was outdated and required major renovations.

Thats the requirement - to sign the deed restriction. 

Or if I do, I'm going to require extreme diligence, escrow, and my bid would not be what you want.I aim to buy great locations that are a bit distressed, fix up and manage the property management through my own venues.

@Grace Norton adding to what's been written already, you'll want to get a 2-year work history for both.To consistently pay rent, requires consistent income, which requires consistent employment.Pretty simple concept!

Being a Section8 HUD building, there was an immense amount of paperwork and due diligence that was required.

Did you know that Fannie Mae recently lowered the required down payment to 5% for owner-occupied 2-4 unit homes?

@Mindy Jensen I’m a GC and if you’re buying materials we don’t require payment up front.

If the property requires rehab, the Realtor and/ or Mortgage Broker will suggest applying, for a FHA 203k Loan.

See source: https://www.veteransunited.com/valoans/occupancy-requirement... 

Local banks typically offer lower interest rates but might require a solid track record and detailed financials.