If it matters to any degree to retain this tenant, if listing for new tenant is a pain, I'd simply call this guy up, I'd be upfront and ask him about all this.

A great way to start is by attending RE events and joining a local investors association.

Lori Hawkins and her husband Stewart are realtor and broker professionals on the team of Smith and Associates Real Estate Services handling the residential and land listings for Madison County with focus in Huntsville / Hindsville areas.

Make sure to come by @Kim Tucker's Real Estate Investor Association: https://marei.org/ It's a great place for networking and learning more about investing

What I mean is, if you are thinking $50,000 down, plus closing cost, plus fix up cost, plus time on market to get rented as your foot in the door cost to get up and going- you might want to add an extra line item for additional time and additional costs associated with this type of scenario.

REI Central, CHS Circle, and the Tri-County Investor's Association are a few of them.

FHA loans are good, but all loans have costs associated with closing them.

I hate to say this because i am totally against it, but you can borrow from friends and business associates, try and find aomeone who can contribute not only funds, but also strategy (since you're new).It's great to have lofty goals, just remember you need to find a way to pave the road to your end goals. 

To manage and grow your portfolio, start by joining local real estate networks like investor meetups or landlord associations.

I wanted to get a breakdown of all of the costs associated with using them to fund the majority (90% LTC, 100% rehab) of this deal.