We offer it at TFSB but it does require the basics like qualified credit score, DTI ratios - Must have W2 or (2 years of 1099 income) to qualify.

I havnt even spoke to a lender yet on what I qualify for.

I had never heard of such a thing.. and most private flippers dont know it either So like on our subdivisions whatever LLC we own it in that LLC also has to have a developers license .. so  If you have multple subdivision going in multiple LLC you need multiple developers licenses.. where this can stymie some folks  NOT EVERYONE can qualify for a Bond.

These tax credits unlocked capital which was deployed to purchase and rehab commercial real estate in struggling downtown areas or help fund small businesses in these qualified zones.

If I decide to go with option 1, I will have to borrow the money for the renovations at my primary and it may make it harder to qualify for a loan given the little or no cashflow. 

It's great if you qualify, it has many benefits.

Start with a rental that has modest rehab requirements such as updating kitchens and bathrooms and make sure you qualify for permanent financing through a lending source that offers interest rates similar to that of  a bank.

The buyer can obtain a property with no mortgage qualifying and or a lower than current interest rate, or on terms not readily available otherwise.  

If they want to bring on a new roommate, you screen them like anyone else and if they qualify, great- you can talk about amending the lease at that point, but that is only a courtesty. 

So like someone else said earlier, it might take 1-2 years for things to stabilize a little.I live in Tampa so LTR just doesn't work here, some people do rent by room which could have its own issues, but at least this is a market with more qualified tenants where people actually want to live, so I'll consider it.