You’ll need to submit an application to the Community Development Department, undergo inspections, and comply with tenant notification and eviction rules, including providing a 90-day purchase option and relocation assistance.

You could structure the deal as an installment sale or a lease option so the property owner doesn't see a large capital gain tax payment for the sale.And good on you for helping out!

I am going to finish the rehab and get it rented then resubmit for a rental loan.I have used Cashcall Mortgage twice and have been very happy with them but Elite seems to be more flexible and have more options so was going to see if they are competitive.

Owners mistakenly ASSUME all PMCs offer the exact SAME SERVICES and PERFORM those services EXACTLY THE SAME WAY, so price is the only differentiator – so, they often select the first PMC they call or that calls them back!

I am evaluating my options at this point. 

So I am looking to see if anyone has ideas about what options I should consider to gain more experience in real estate investing as I get my finances up to make my first purchase.  

Sometimes cities will allow this, but it depends on local zoning rules.If neither option works, it might be worth consulting a real estate attorney to explore your options.

Raise phase 1 with a debt offering.  

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There's zero reason to do this when there are plenty of options to avoid it.