You mentioned that you're not interested in grants or fundraising, I'm curious what type of operating budget and actual program you have in mind.

However, it's important to keep in mind that shorter seasoning periods often come with different terms compared to a a cash out refi with 6 months + of seasoning.

You cannot use personal funds.You must pay others to do repairs and manage the property.

So yes pay it off.One thing I am not sure what you mean "if I use all the money towards purchase I wont be paying taxes" - what do you mean by that?

Fix it up and rehab or flip and then you can pay yourself back and have a little bit extra to push to the next one

Once the new tenant starts paying rent, you release the old tenant from any obligations.

Ideally you have the company and the tenants on the lease since one party is paying rent and the other party is in the home.

Would you mind answering my question at the end of this paragraph (2nd to last sentence) sorry I typed a lot of other stuff you don't need to read..I never would have thought a conventional loan at a big bank would have such twisted fine print.  

What are the expenses (taxes, who pays utilities, etc)?

Challenge is that I have an exclusive agreement with the seller because they wanted to list it, but changed their mind.