An older gentleman from church is selling off his portfolio of SFH/MFH rentals in the Belleville, IL area and offered one to me as he knows I want to get into RE Investing.Purchase price is $50,000  for a 3 bed 1 bath and the current tenant is renting at $800/month.

I ultimately did not do it but I'd be interested to hear if anyone tried that program or knows of anyone who did.  

I will not explain here but I can email the details, if you would like to know.

As far as whether to approach them with or without an agent - approaching them directly without an agent can save the seller probably 2.5-3% of fees, which give you some room to negotiate on the price, but you need to be confident that you are capable of evaluating the property value, estimating on the amount of work that is needed, knowing how to negotiate/ structure the deal, and navigating the closing process.

So does anyone have any guidance and ideas or know any banks that do rehab loans were all the money including labor is upfront and then we pay a monthly?

I saw someone I know who I respect a lot who just created a raising $ course and they struggled to raise a few million over the past few years.

I'm not an attorney though - you know the drill.Regardless, consider contacting your insurance company and letting them sort it out with the neighbor's insurance company.

Private money refers to individuals who offer a similar product but lend to friends, family and other investors they know. 

I don't know if credit unions can ever do this stuff?

As we all know, the standard way BP says to calculate cash flow actually leads investors away form long-term opportunity and leaves a lot of investors on the sidelines because they don't understand IRR and the multi layered dynamics of investing long-term.