Several have mentioned utilizing low down payment second home loans for qualifying.

Even though there is low inventory, interest rates are high, and many properties don't cash flow, look harder there are always deals, you just need to find/make them.

Most of my CFO clients that are in residential development are looking for IRRs (usually over a minimum 5-year period) in the high teens and the commercial developers are looking in the low to mid 20% range.

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.

Landlord-friendly state, low barrier of entry in terms of price, and solid cash flow. 

Low vacancy rates, rising rents, and high tenant demand for more space/good school districts. 

If my target would be low income residents, are there any grants, tax credits, or funds available to help me with the conversion? 

So making it my primary is a low bar.   

There is an abnormally low amount of new construction occurring on the coast in comparison to the demand and the existing inventory can be quite dated, especially for those coming from areas like California.

We are not likely to see rates that low again in our lifetime.