Although it’s hard to say that, because I’m glad that I was basically forced to go full time early.

I know the house hacking concept but we rent in a really nice neighborhood and we have no plans for buying primary residence, I was want to start rentals buy and hold for passive income later refi and get the next one ans so on....

pay off all credit cards before you even think about investing because for 99% of people the interest you would be saving on credit cards is greater than the investment return you could earn and it is basically risk free.

Basically, in our case the tenant could (and was required as always) to pay future rent, but the past due rent would have been placed with all the other debts in the bankruptcy and paid out over time, if ever. 

I haven't gotten estimates for this house, but I did for an 800 sq. ft. unit a couple years ago and it was about $4K for a basic unit (including installation). 

https://www.rentometer.com/ for very basic rental rate info in the area where you are looking

I'll round the numbers for the purpose of this discussion but basically we paid $440k for the property and have a planned reno budget of $100k.

My parents who own our company keep telling me it is not possible for me to do this deal.I'd been working to get pre-approved for a loan to potentially utilize FHA 203k but my pay structure is commission based for the first time so I qualify for basically nothing (or the bank I tried to work with is the worst). 

Many people use an attorney to draft the purchase contract after the basic terms of the LOI are agreed upon. 

I don't know which markets near you that would work it, but those numbers seem like a safe, healthy starting point for you to do a little proof of concept work.Good luck!