Risks: rates go down and you have to pay a prepay of 2 or 3 %; you have to sell and pay the prepay; rents decline & you can't make the payment like any other type of loan; cost upfront a little more than conventional; need to find experienced broker licensed in the state where subject property sits; servicers are bulldogs. 

Seller Pre-Sale Financing: Consider selling the tenant-occupied property "as-is" now to an investor, perhaps at a slight discount, which could save time and eliminate renovation costs.

The only approach I’ve found effective is offering a deposit alternative, which lowers upfront costs for tenants without devaluing your property.

@David F.As Russell mentioned co-ops are probably 1/2 the price of a condo and you would also have extensive costs to set up a co-op and typically it’s my understanding the builder funds the first 1-2 years of reserves.

Your cost basis would be ALMOST zero if you ever sold.

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Past success is a good indicator of future performance. understand the risk if the project takes longer or costs more.

I recently backed out of a deal out in Harrisburg due to being in flood zone, I was informed by my realtor that it costs $1800/yr flood insurance policy alone.

Look at all of the costs and then all of the revenue and make a decision based on that. 

If you are worried about out of pocket costs, see if maybe a rehab loan is an option to get everything needed done now and refinance in 3 months when everything is complete.