I have a few under my belt now at 80% and are already in process for a pre-approval. 

It seems risky to hope everything will go accordingly just to get a deal under my belt.

I choose the pink insulation because the blower for it was available.

I am not a pro, but I do have two 4-plex's under my belt.  

This is the only way your example (Eric) will work.The conventional route seems reasonable in my first purchase to get the experience under my belt before going the hard money route.

Out your seat belt on and get ready for a wild ride!

Then I would take my 4 x 24 belt sander with an 80-grit belt in to that area and sand slowly until I got down to bare wood.I would then use my trusty pry bar to rip up any additional pieces that are too heavily damaged to salvage and throw them away.I would then measure and cut pieces to replace the missing pieces out of 3/4 in. oak boards with fine-cutting blades in my table and miter saw.

@George Blower- Thank you for the welcome!

Having an eviction under my belt will probably lead me to not try and offer cash for keys in the future.

I know the feeling...Middle of a very cold winter both the inducer & blower motors go out on a 2 yr old Lenox furnace.All under warranty except for labor & my HVAC guy is not available.