Try to decide on something that will set the tone for the whole house, like the counter top or the flooring and then you will have far fewer colours and patterns to choose from to stay within budget.

When you apply for the loan you're going to need to show cash reserves of six months PITI when you buy an investment property.  

I suppose it may work if you have a burning desire to do it.my partner in my airplane is doing something similar in Oregon he started a tiny homes manufacturing company ( making his own) and he owns a nice chunk of properly zoned dirt in Oregon 10 acres .. its worth about 3 million as it sits.. but he is going to sell the tiny homes then do 50 year leases on the under lying dirt so in essence create his own park as it were.But he has the Dinero to follow his whims and social desires of creating affordable housing for the mass's. 

Good luck though, it looks like a nice house.  

@Kimber Lockhart nice location.

A 3 bedroom property in very nice condition can command $1,000 rent from section 8 in just about any neighborhood. 

Since this is your first investment property, you're probably going to need to put a lot more than just 10% down.Vacancy: 8%Repairs and Maintenance: 10%CapEx: 10%Property Management: 10%Sales Expenses: 5.8%I also increased the taxes slightly to be more accurate for this areaAs you can see below, the numbers don't work out well at all.

They tend to need to be convinced more that you can return their money along with interest.I use hard money lenders on almost all of my property acquisitions because they are able to lend quickly and they put another set of eyes on the property which can be helpful from getting into a bad deal.

Im sure if you work your butt off you can make that place nice for 10k. 

Anyway nice to meet you all and I hope to interact more on BP...maybe even one day be on a podcast myself!