If so you may have some full doc options which have the best rates typically and terms.Like others have mentioned you have DSCR loans too but this only allows you to purchase non owner occupied properties (not primary residence or second home occupancy type properties).

I think he is a great guy and isn't his first rodeo with investor funds.We can do some legal checks if you want that type of search, lawsuits, prior names, etc.

K type of recovery & growth, or lack thereof.

It will all depend what you feel comfortable in terms of budgeting and the type of repairs needed.

Diversifying your portfolio can provide stability and growth potential, especially if you explore different types of properties or geographic locations.

The lending type doesn’t matter.

What made you interested in investing in this type of deal?

I would have to imagine folks who are competent enough to represent this type of value-add are typically focusing on larger opportunities than small to mid-size SFR portfolios.  

It varies a lot by market, guest type and even the neighborhood and type of home within a particular market.

The most likely options are exchanging:Life insurance for life insuranceLife insurance for endowmentLife insurance for non-qualified annuityPersonally, I would first determine what type of exchange you want to do.