Try using a "joint-loan" since you are not VA eligible. 

May i know where u got your construction loan?

You have U of AL @ Huntsville.

Just have the Title Attorney break out their 2nd mtg. note template, fill in the terms and send to seller.Seller of course gets to U/W their own loan, and can ask for Credit Report, income, assets, etc. 

There is more that U/W looks at than JUST solvency, though if you're properly collateralized and you have positive DCR then those are certainly the two biggest factors that will be considered.

However if Texas has a deed such as joint tenancy deed  or transfer on death deeds as we have out here in California, the property as a matter of law would transfer to the remaining owners listed on the deed on the death of the deceased owner. 

If spouses file a joint return, the joint venture between spouse is a qualified joint venture that is not treated as a partnership. 

Then subtract rehab cost which brings u to purchase price of 51,300.

Quick clarification...u show an arv of $275k but don’t show any money in repairs.

If u don't mind send company website I'll check out...I do a lot of reading myself as far as real estate...what are your thoughts on creative financing.