Each resident pays 30% of their income for rent and utilities, meaning if they have no income, they pay nothing."

Once you turn a shovel with ingress/egress/utilities etc you have created new lots. 

Try looking at it a slightly different way with some quick math:$900,000 sales price$22,500 cost of purchase (appraisal, points, lender fees, title fees, etc - 2.5%)$90,000 cost of sale (10% commissions, closing costs, buyer credits)$64,000 carrying costs (6 months at 10%)$25,000 additional carrying costs (6 months taxes, utilities, HOA, misc)$100,000 rehab cost (the number used above)$68,500 profit = $530,000 max allowable offer.Some numbers may be a bit high, others may be a bit low. 

Look at rental rates, vacancy rates, and typical property taxes in your target area.

Typically we see a good elementary school and then goes down hill from there. 

After that, offers are typically made through an online offer site.

While HMLs advertise Points & Interest rates, you'll see there are MANY more Fees associated with this type of loan product, in addition to a lien being placed on your property and a short timeline typically to operate within before they foreclose if you're not able to exit/repay the loan.

My primary about 50K (just acquired last year).Secondly, in your experience, what do you typically see for repayment length?

If your income is above $150,000 and you are not eligible to claim real estate professional status, your rental losses become suspended into a future year.The suspended losses can be utilized in one of a couple ways1) You dispose of the property2) You generate passive income from this property or another property

These loans are typically intended for borrowers purchasing a second home for personal use, such as a vacation home or a secondary residence.