In contrast, the Senate bill maintains the 20 percent tax credit for rehabilitation expenditures of certified structures but spreads it out over five years.

The Mortgage document says that these notes can be increased or decreased depending upon the amount of Massachusetts historic rehabilitation tax credits and housing development tax credits. 

Are you planning on refinancing after you've rehabilitated the property?

I'm very interested in buying in cheap and putting in my own personal leg work and resources into rehabilitating then wholesaling it.  

Once the property is rehabilitated with a history of stable rent, a bank may factor in the strength of the deal and the cash flow more than they will look at your personal finances.

The Lessor shall not lease or sell any units within the Building, Shopping Center or Property to the following user(s): a) Adult video/Adult entertainment stores; b) Abortion offices/facilities; c) Alcohol/Drug rehabilitation offices/facilities; d) Off-track betting establishments; e) Offices or entities that sell, barter, trade, buy, or dispenses marijuana, for medical use or otherwise; or f) Probation/parole offices.

The crime maps show that there is a good amount of crime in the area but I've also seen there have been some beautification and rehabilitation efforts in the area.

@Dana WhickerI agree, if you show your property and it is still in the rehabilitation stage it may scare them away for good.  

This program will be available to all Owner Occupant purchasers using FHA -insured financing (i.e. 203b, 203b with repair escrow, and 203k Rehabilitation) whose offer is accepted during the month of June.This is a great opportunity for an owner occupant to buy a HUD home with a very low entry point

60% occupancy is a hardmoney to purchase and rehabilitate occupancy up to 80% then REFI out into perm.