But yeah, I see how the asking price and condition are making things tricky.For loans, you’re already on the right track with the 203k and Fannie Mae HomeStyle loans.

And when you said the management company takes a 550 credit score , all I see in your future are evictions .   

And a few from 0% interest for a year credit card loans too.

Good morning all,I'm Jim Bolt and a new investor. I live in Jacksonville FL and Just bought my first Duplex in Ashtabula OH.I have a licensed Real Estate Agent, Licensed Property Manager and two Lenders (conventional ...

Am I on the right track with this approach?

Some credit unions will go to 85%-95%, but there are just a few that will do 100% loan to value! 

However, once you have a relationship built up and solid track record with your private lenders, you should be able to also do 2nd (and even 3rd position).

Look for CPAs who stay abreast of evolving tax codes related to real estate and possess a comprehensive understanding of deductions, credits, and depreciation strategies unique to the industry. 

Two, you'll have a much easier time obtaining a mortgage product if you have a track record of W2 income.In the meantime, continue implementing the strategies you mentioned: save religiously, build your credit, pay any existing debt owed, etc.

My last deal was an exact wrap at 3.5% granted I had to put $80k down to pull it off, but it’s a great way to keep the train on the tracks.