Maintain a credit score of 620 or higher, save for a down payment, and research markets carefully.

Have you gotten out of the original hard money loan or still paying the double digit interest cost?

You share the lease, you share his payment history, and you give a total of what is owed.

You inflated the price $70k but they are only making $50k in payments.

I asked why she didn't mail the payment and she said she did not want to pay the 49 cents for the stamp, had an annual bus pass and riding on the bus gave her time to read books about real estate investing.

Late rent payments, etc. 

No, just inform them you are the new owner (they may want proof) and provide them with the address to send payments. 

@Ilya G.Hi, how much do you need for a down payment?

Most lenders are going to want to see a few big things from the ownership group. 1) The borrower will be the enitity (LLC, S-Corp, etc) and any owner with usually 20% or more of ownership in the entity will be expected to guaranty the loan, 2) We'll want to see some experience doing similar projects from at least one of the main owners, 3) We'll want to see bank statements showing liquidity enough to cover the intial cash injection (down payment), the closing cost, and some cash in reserve.

The more money you save, the lower your monthly payment because the more you can put down.This is really great advice....some of the best.