Never fully trust anyone that isn't willing to share the negative aspects of all this.As I'm sure you've experienced, this can be a very rewarding path to take and depending on your grit and determination, overcoming all the pitfalls are well worth the effort.Cheers and drive safe!

I manage the program for one so I wanted to provide good questions to ask.

Ultimately though, it will depend on the lender and the availability of funds (assistance) available for the demographic area that you are purchasing in.Do you have a property that you are looking at?

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

I feel this gives me the flexibility to find the right solution for my client and not just sell what my bank offers.I'll also throw in my 2 cents on common differences I've seen in my career:CDFIs - Because of their subsidized financing structure, they have the ability to be a low cost lender (and sometimes provide grants).

Quote from @Jaikevis Reams: In order to put a property under contract I need to provide proof of funds I know that I can get that from a hard money lender but I don’t meet there criteria for a loan approval what should I do? 

If they’re not able to assist, I also have other LAIC referrals as well that will just provide the service only.

Even if the rental has a decent cash flow with additional flood insurance, we're still not sure we want to take on that risk as we are out-of-state investors (planning to move back to KY in the future, but not now) and we don't like that it will potentially bring down the perceived value when we try to sell it in the future.The seller has never lived there and has not provided any information on if it has flooded before or not. 

It's an education that Harvard, Yale or Stanford can not provide and it's FREE! 

Just wanted to provide the BP community with some context on this thread...Our team provides affordable housing for residents in multiple states, and unfortunately sometimes we run into unruly residents.One such resident is Shawn Sheedy.