It is a 30 year loan, but can change after fixed period and has a ceiling/cap.

So, I think your options are to (1) buy the place and wait six months or whatever the seasoning period is (with hard money, probably not a good option) or (2) look for private capital, which is probably the best idea.

Do you have emails with MLS search criteria forwarded to you that you periodically browse, search zillow/trulia/realtor.com etc?

You are paying it in cash flow and/or reserves if you loose your tenant and have a period of time with no rent.

I have an engineer that does phase one, site inspection, and cost reserve stable for one price.Cost for everything above is in the thousands on average.Even if NNN with no landlord responsibility we still get the inspection as part of DD process.If the tenant doesn't renew it is important to know right before the option period kicks in how much life is left on roof, mechanicals etc. as in addition to the TI costs to re-tenant you can get hit with a lot of other capital costs.Lender is going to order a PCR site inspection report whether the buyer wants to or not.

CCR reflects the ratio of cash in and out...period.

It was listed for 47,250$ the last day of the owner occupant period I offered 55,000$ ( which was Saturday night)!

Lawful "grace" periods are misleading.  

Then I can pay the township construction officer to do a formal inspection of the house to get a detailed list of exactly what needs to be done and then hopefully negotiate with him to have a grace period or a reduction in the fine to address them after the closing date.

Of course this meeting is also a qualification period where we make sure that the individual actually has money to invest, is motivated to buy, and is crystal clear on our process.