Quality or grade does not matter.

BiggerPockets has grown to become one of the most respected online real estate destinations for quality news, discussion, networking, commentary, how-to's, and much more.

I wish I had a bunch of FHA's.The lender will still require some documents for their own screening purposes.

Is there much difficulty to find quality tennants?

I'd rather do things right and have an apartment that shows well so quality tenants will sign a lease.

I explain that I'm an investor, and that if they can't provide very competitive price (along with quality work), they shouldn't waste their time bidding the job.

The screen door was hanging off.

Obviously it depends on the type of project you would be developing, location, quality, etc.

The reality is there are MUCH BETTER properties out there than buying this POC at any price.If we are having to come up with extreme examples under which this property might possibly work it is a loser.If you change the layout etc. it still is on a crappy sloped lot.Any property manager will tell you these types of properties even after being rehabbed nicely are hard to rent out to quality tenants.On value add deals the investors I talk with that own 100 to 150 units at a time go for buildings that are at about 50% to 60% occupied.The sweet spot (as they call it)where all the copper and electrical is still there and some tenants are paying for cash flow.The buyer can convince the bank that the property is going down hill to take a lower price and the seller if not the bank has already given up on turning the property around.Over time the new buyer can rehab each unit one at a time to turn around while having cash flow.

Screen tenants harshly and good luck.Make sure you keep investing wisely.