It certainly is possible to get an investment loan on a property like this, but it would be necessary to run the numbers to see what the after repair value is for the work that will be done to make sure that all of the numbers work.

Along the way you have to manage and support the property… fill the unit, repairs, etc.  

If you are using their money for a down payment, are you really planning on renting it to them in a traditional sense or simply having them pay for the mortgage, insurance, taxes, etc (ie you won't be renting it at market value more you are buying the home for them and they are making all of the payments and repairs?

The other aspect is identifying what I call "Ugly Inventory" so that you find homes that can still pass an appraisal and not be "Subject to" so that you can do some TLC with repairs/renovations to borrow off of the ARV.

But, if repairs come up and they don't have the money to fix them, if they put a bad tenant in that does a lot of damage, or in general, if the neighborhood starts deteriorating, it could turn into a bad investment.These are all things to think about with any real estate investment.

We've also done all the maintenance and repairs all these years, we put new linoleum in the kitchen, painted the interior, built a new fence/gate, stained all cabinets, much more all without reimbursement as the owner is a tightwad and had never wanted to pay for upgrades.

For example, in Tampa Bay, I know I can sell a property all day at 80% of ARV minus repairs, so my offer would be that result minus my fee.

You won't be incurring these every year..I think you should sit down and just run the numbers for the next 12 months, taking into consideration only what you expect to spend to operate the property, expect to spend on maintenance and a buffer for emergency repairs.

You should consult with a qualified contractor to discuss options and costs for proper repairs.

Pretty much all major components were newly installed / fitted and done to a tasteful standard (new metal roof, plumbing, electrical, kitchen, flooring, bathroom, doors, new hvac, decks, vinyl siding etc) and I have visited and walked through 3 times and even been under crawl space to inspect a repair that was previously noted on an inspection to the foundation after termite treatment which looked to be a good job.