You would have to pretty much get a property for free in order to qualify.I have submitted two properties to their underwriters, and both were rejected because of last minute requirements that changed the lending criteria.I paid $2,000 (one year's worth) in order to be able to receive funding.

For each day you advertise but are not registered with the city you pay something like $200 per day.The reading I've done around removing RSO tenants is that it can be done under a few limited circumstances and there is a corresponding fee to be paid that depends on age, family size??

Pre-move welcome to Virginia. 

You would receive back your purchase price plus 20% interest paid by the owner to you.  

You could also use list generating programs to pull a list of people that paid cash and purchased recently.

electric is fine for Multi family, But in an SFR if you want your rent paid in winter put in a gas furnace, cost of electric heat is double $450/mo for electric vs $225/mo for gas for example,  as far as water heaters, the annual cost is about 1/3 more, but not a significant amount of money, as an annual cost to operate is around $350/year.

Do you mind indicating what you paid for the property, the amount of the rehab and what you expect to sell it for?

The one mistake we made was that we paid too much for it.

But where in purchasing process could the private lender fit in and have a legal lien on the property until it the loan is paid?

@Calvin Clark any utilities paid by the owner?