If you're $400/mo below market it seems like there's a decent incentive for you to spend some money to aggressively rehab and get top rent.

., mission-driven: want to make the world a better place OR lifestyle: prefer the work of selling a program to the work of executing it) and they are willing to stomach any difference in income, OR 2) They are making more money selling the program to you than they are working it for themselves. 

Your providing a service not looking to make money off other

Make sure to do a FHA 203k loan so you can finance most of the renovation and save some money for anything that may come up, and furniture. 

The first option is to use the "Cash for Keys" approach and offer them some money to move out and find somewhere else to live. 

Eventually you'll run out of money or lending potentials on your own which is usually when many investors start looking to partner up.

It's scary, money is real, and you have to run your own race based on your circumstances and finances. 

We all make money , good money at that .

Bought it with hard money and then refinanced in a long term DSCR loan.

I have a high credit score, good income, and money in the bank, but I have been having a difficult time finding a DSCR lender I feel like I can trust.