If you can secure favorable terms now, the future development opportunities could offset any initial cash flow challenges.Communicate Flexibility: Approach the landlord with an open mind and emphasize that you’re willing to work with them to find a mutually beneficial solution.This isn’t a fantastical idea at all—it’s a creative opportunity that could work with the right approach.

But most of the positive reviews I see only mention the initial presentation (which reviews always comment on how great and informative they were).

So the lower the interest rate on the subject to loan, and the higher the prevailing rate, the more chance that a lender will initiate action.   

If I pay for it initially with my primary residence HELOC , currently at 8%, the interest only payments would be $640, so $1,340 monthly expenses mostly. 

Use your $30k for down payment or initial rehab but budget extra for unexpected repairs.Your lead methods (D4D, DealMachine) are strong.

We had to move fast and initially decided to sell it, the relator who was helping us somehow convinced us we should make it a rental property......... and let her be our tenant (insert face palm here) so since we had no real estate experience and we were already moved away, we agreed.

It seems to me that any addendum signed later after the initial lease may create a messy situation. 

Recognize initial cash flow is likely at an all time worse.  3 recent studies show that the rent to value ratios are at an all time worst.  

Most people I know start with low money down programs so they can get away with a initial capital investment of around $25k but you also need reserves.  

Initially 515, now 815.