You can be sure that is not unique to me.

Any bank, non-profits are looked at much differently, their loan can likely qualify for the bank's requirements under the Community Reinvestment Act, a requirement for community investments in their operational area.They still need the ability to repay, but not knowing what the intentions are, other than a rehab, can't say much more. 

NA Beard your situation is unique with multiple tenants and only part wanting to leave.

In Calif, this is a conflict of interest UNLESS it is disclosed AND both parties agree to it.Having stumbled on this myself, it was a deal breaker and suggest you walk or get unique agents.

Hi David,Im not a mentor but I think it will be difficult to prove your premise wrong in Orange county unless you find a very unique opportunity out there.

@Rick Baggenstoss Great guess and yes, it's a rather "unique" small street.

However, due to the uniqueness of the situation, I feel like I should take it as a learning experience and try to pursue and see what happens. 

@Matt M.say there is a $100k house3% fee for assignmentYou can list the home with a sales license as a lease with option listing, $3000 down as option fee OR use an option release as a principal buyerI use an option release fee not an assignment feeSay market rent is $1000 So I'll lease for $1000 and have an option fee for $100Then record my optionI want a buyer to step into my contract for an "option release fee" of $3000I'll have my RMLO and credit improvement specialist look at credit and ability to repay of buyerThen an option release fee is paid to title co or attorney or broker of $3000Once $2000 of first and first and last months rent cut to landlord from buyer to closing agent and $3000 is paid to closing agent, then I cancel my lease and option and write a new lease and option between tenant and seller.

I have unique circumstances since I live in a excellent area for real estate, own a successful home improvement company and have a good friend (my current landlord) who has had quite a few successful ventures and is encouraging/mentoring  me.

@Michael Hammond you've described the typical entity structure, however, I've found after working with all of my clients that every situation is unique and "typical" rarely makes sense.