Because the rapport I built with the seller and the property is pretty much a dump, seller is ok with whatever happens as long as they will be released from the head ache.

As long as notice was given of the exempt status?

It’s true that you can have a 10 percent down and have it classify as investment property for tax purposes as long as you can meet the irs definition of investment property while also meeting your lenders occupancy requirement. 

We would bring in compensation to make it worth it too him and he seems to be open to the idea as long as we can figure out a way to do it without too much penalty on his side.

It’s ok if you choose to buy something that is not quite perfect, as long as you decide it’s what you want. 

But good luck on the Chemung County Section 8 Express as long as you can ride it.

If the latter, there are lenders out there that will use your actual rental rates as long as you have lease agreements, 2 months of rental receipts, and the actual rent is within 20% variance of the market rents on the appraisal.

And SFRs can succeed in any market, really, as long as you know what you are getting into.  

So purchase price, as long as you can obtain initial funds to execute the BRRRR (including the value add), has zero bearing.  

Start a paper trail.Otherwise, as long as rent is coming in, just hold on (hopefully) until the lease is up.It is your obligation as the landlord to make necessary repairs in a timely fashion.