You might consider seller financing to the renters since their traditional loan is probably beyond them.

Ensure that you have explored different lenders and loan products to secure the best terms and rates for your pre-approval.Property Management: Have you considered whether you will manage the property yourself or hire a property management company?

Once you understand the ins and out of real estate financing you will understand the creative financing wholesale, bridge loan, etc will be no brainer.

You don't have enough equity to sell, so stick it out and make a strong effort to buy down the loan enough to sell and move on.

I think for Grand Rapids you want to target a property that simply isn't suited for an owner occupant who will need a loan in its condition. 

Your investment objectives determine your loan type.

The only hurdle I am still trying to overcome is qualifying for a fair loan.

Check with your regional banks to see what their construction and stabilized loan terms are and how much cash you'll need to bring to the table 4.

I've got about $400k to loan and if I can prove my model to myself, I have access to another $1m in cash. 

One way or another, however, the investors must work to pay down loans, increase rents and decrease expenses wherever possible.