By help I mean like getting someone else to put the house under their name until he improved his credit.

The best advice I could give would be to find out why your credit is a 592, and makes steps to improve it. 

The two areas where I could see improvements are 1.

@Courtney Hebert I don't know other markets very well, but in Houston you generally look to satisfy the 1% rule at the very LEAST.

Stories: 2Year Built: 1984Lot Size: 6.14 ACAPN / Parcel ID: 3-29-00-058.02Last Verified: 3/18/2016 Highlights Over $250,000 Invested in Capital Improvements in the Past 24 MonthsSeveral Units Completely Rehabed with several HVAC/Appliances replacedUpside through Rent Increase to market rate, Improved Management & adding new unitsWell below Replacement CostCash on Cash Return : 25.31% (I do not know how they are getting this number)Internal Rate of Return (IRR) : 23.22% (I also don't know how they got this number)DescriptionValue add opportunity for a new owner. 36-unit, garden-style apartment community built in 1984, the property contains 5 two-story and 1 one-story buildings encompassing wood exteriors and pitched roofs.

The 401k loan rules allow the participant to borrow from the 401k and those borrowed funds can then be used as collateral.

I am looking into a neighborhood that is improving, with decent schools and rental demands.Shoshana

My reading of the rules and regulations led me to believe that the government is trying to force ground rents out of the picture. 

Without knowing the cash flow (in and out) for the year (ie. trailing twelve), you would need to use conservative approaches for determining expenses, such as the 50% rule.

I am very capable in excel, having manually and mentally run the numbers of multifamily units listed online I have found that none of them come close to meeting the 1% rule.