Nothing wrong with floating an informal offer, the worst you are going to get is a flat "no".  

Even if you're not interested, they're worth contacting for informational purposes to get a better understanding of the market.SFHs and condos are obvious choices, but there are other less expensive options: mobile homes- not the working class MHPs found throughout the country, there are parks that cater to snowbirds RV/campers- there are folks who drive down yearly and others that leave it permanently parked down here liveaboards- this can be very cheap, the vessel doesn't even need to be seaworthy (so long as it floats :)Florida can have an almost irresistible appeal this time of year.

But there's also nuanced distinction that needs to get into your psyche and float around a little. 

Thanks for sharing, really great advice and lessons floating around this thread.For what its worth both my loans are with WF and they did take a lot of work and a very patient seller on the second deal but the broker rocked so I stuck with them!

I know of people who put a huge bandit banner on the front of the house that they were rehabbing.

The GC does charge a bit higher because they are floating a larger portion than normal jobs.   2) Cash/Hard Money/HELOC/Private Money: If you can pay for the property and then refinance out as you will be living there that might be the least amount of red tape.  

In almost every property I've ever bought, there were unexpected expenses within the first six months even though I did a property inspection with a professional.How are you going to float the payment each month if it's vacant?

If you have any questions oh, there is a lot of information about this system online including some introductory YouTube videos and miscellaneous worksheets floating around.

I would recommend checking out Premier Community Bank,  Lewis and Clark Bank or Banner Bank for smaller accounts. 

OR, if you can get the rehab done quickly, then do a full-doc with a 7 yr ARM and maybe your rate will float down as things improve and you can avoid a second refi.