Are there better alternatives? 

And you can do that while maximizing tax deductions now and investing your retirement dollars into alternative assets such as real estate.

Exactly what Bill stated, you need to talk to the local/state official and find out what are acceptable alternatives. 

New flippers just don't know enough about to estimate ARV correctly, or keep their budget and timeline on track.My advice would be if they can do it profitably with a HELOC even if things do not go well, then they should (unless there is a cheaper, safer alternative available to them).

Alternatively, rent may be paid to Landlord with certified funds delivered to XXXXXX.

My thought is that turning a dated home into an updated home and living in it for 1-2 years with a 203K loan is a great alternative to either renting or buying with a conventional 20% down loan for my primary residence. 

I will not be using a property manager for this property, so I'm looking for alternatives to picking up the cash in person. 

But as I've stated, if the tenant doesn't respect the lease, the only other alternative I know of would be one of two options:1. 

Or you can look for alternative ways to invest your money... unfortunately, the stock market isn't offering any bargains right now either.

Alternatively, you can put your agent's name on the contract, and do the acquisition work yourself.I highly recommend not making offers without seeing the property first.