The important part is operating it properly. 

@Carl RezaThe hardest part is taking the first step of knowing your goals and why you're investing, then doing a deal analysis with your market, assets, budgets, etc.

Best tip is to add digital locks to each bedroom door and make sure there is enough kitchen space for all parties.

Single night stays in a crowed city are a guarantee for a party.

In a seller finance scenario and my new posed scenario can I get both parties to agree to let me start paying 3-6 months down the road after the rehab and I start cashflowing?

This is not our business model and we won't be managing properties for you, but simply that if it makes sense for all parties we can do it.

The worst part is that it's usually way too easy to get your license, and the consequences for these sleazy agents are usually non-existent or not harsh enough. 

For new builds, get a third party inspection.

Perhaps a nice 1950's built bungalow.Always hire a 3rd party property inspector to give you an unbiased feel for the home.

.* FHA loans require both parties to owner occupy for 1 year* A 203k loan is not a first time buyer program, you can own a home and still use the program as long as you live there* The loan must be made to a person, not an entity.