Mortgage payment is approx $1800.

If the other two parties want to flip a house maybe they can do just that as partners and then sell you the house which you can buy with a primary home loan with low down payment.

Quote from @Jaycee Greene: Assuming you pay asking price, I'd estimate the down payment for something like that using a hard money loan (HML) would be around 40% of the purchase price and your monthly payment would be $2,600 with an interest rate in the low 7% range (probably need a 700+ credit score to get that).

The only real advantage to using an FHA loan is to offer only 3.5% down payment, which in my opinion is barely justified as an advantage. 

Your best security is your neighbors , they are right there and see whats going on at your property .   

You only need a place to track tenant information, payment history, maintenance, etc.

Consider tenant stability, including consistent payments and maintenance of the TOH.

You set your own payment terms with YOUR client and then find funding for them.The Capital Syndicate is a private lender firm that offers financing through their own company, but they also provide you with a list of about 150 other private lenders. 

We've done demos with all of the big name PMS options and are finding big gaps with all of them, mostly when it comes to payment processing.

However if you have enough reserves, 6mo or greater then I'd say chance it but a couple of missed payments from the tenants and you have to foot the payments out of your own pocket.I'm all for taking risks but I think you really need to evaluate the age of the major systems so you don't get hit with a bunch of cap ex all at once as well as your reserves.