The transaction you are describing is very common.

This is the first of it's kind so you will be able to help us design it from the ground up!

Is this common with foreclosures?

It kind of reminds me or Brelion.

The company I work for manages approx. 100 sfr and small multi-units in the Whittier area (mostly along the 605), and expenses for our units (including common area maintenance, regular maintenance, turnovers, and cap ex) have historically averaged around 40% of rental income.

We have no debt on any of our investments, no outside funding or loans of any kind have been used.

They can put all kinds of things below the line that would normally be considered operating expenses.  

The common street address is is not the legal description. 

That drastically reduces the deals that support that kind of financing.You could bring on a money partner who has the steady income but not time and is willing to sign on the line that is dotted (glenn gary ref there lol)  That could work but now you have to give up a big portion of the profits, which is also fine but you have to know that going into the deal and that there enough meat on the bone.  

It's not common for banks to do them though, so you'll have to call around to quite a few to find the ones that do them.