It might be different if you were renting by the room, but you aren't.

@Dave Naphy HELOC would be best for a flip so you aren't paying high int rate long term.Cash Out Refi would be the better idea generally for a rental.

Other than the inspection report, there aren't a lot of reasons why buyers change their minds after submitting an offer.Since these are legally binding contracts, you could be opening yourself up to be liable for losing your hand money and even paying the full purchase price of the contract you sign.

So make sure the reasons aren’t protected reasons and be prepared to defend those reasons to the government. 

You aren't there, yet. 

What strategies have you used to communicate and negotiate with local authorities?

You aren't buying your first property in an LLC.

My approval odds aren't great, I'm a first time investor without any exciting financial history. 640 credit.

There are logistical reasons whey other lenders aren't here including the recording process, Puerto Rico's bond rating and lack of MLS / Comps.  

I do this anyway because I've been doing a lot of door-knocking to find new clients, and it's pretty interesting to see what kinds of gems pop up when you aren't just looking at a Google map.