Also, @David M. mentioned it would be a good idea to get your brokers approval too before proceeding.

There is also a building that is blighted that had been a convent and would be idle to convert, but I have been told they will not approve the usage for that neighborhood. 

For buyer's that are financing, having a strong pre-approval and a lender that is capable of closing quickly is important too. 

just like any other pre approval..

You'd want to be pre-approved, and probably even further and have your mortgage committment before you close on the house. 

So here is what YOU will be doing remotely:- Taking photos of the property and loading them in software to list for rent- Writing advertising text for the listing- Determining rent price and approval criteria- Applying local laws in your management- Screening prospective tenants for showing- Showing the property- Verifying application information such as contacting employers and previous landlord- Making approval or denial decisions based on applications- Communicating with the applicant from application to approval or denial- Setting up the lease and getting it signed- Getting the locks changed at the property and getting the tenant their key- Doing a move in inspection with the tenant- Collecting rent, which is easy when people are paying.

Private lenders are generally much more nimble and have a faster approval process than banks.2.

I know it sounds Easy but here are a few things you SHOULD have ready to Buy.....Pre-Approval letters (More than one, Just in case)A Healthy Savings Account( There will be Fees and there will be Home repairs after the purchase)A Good Local Realtor that Understands and Knows your Needs. ( Realtors like local Realtors, It's Good Business)Run your Numbers!!!

The buyer has been approved for new loan but will not have down payment due to needing funds from the sale of current home.

Matthew, I would reach out to a FHA lender in your area and ask if they would be able to approve you.