Additionally the holes required to run any cable will also need t be repaired.

In addition to your note, with specific payment terms, you need an executed and recorded 2nd mtg/deed of trust.

In terms of rehab I'm looking to invest an additional $10,000 to make improvements, update, and clean up the house to add value.

In addition, they will not allow you to use the income from the departing property if its within 100 miles which I suspect is what Brian was alluding to. 

Here are some reasons why: Compared to an IRA, Solo 401k contributions limits are roughly ten times higher.There is no custodial requirement for the 401k.You don't need the additional expense and administration of an LLC to have checkbook control.There is a built in-Roth component whereas IRAs are either traditional or Roth, not both.A spouse can also participate in the same Solo 401k plan.The Solo 401k has additional tax benefits over an IRA when investing into real estate using leverage.The penalties for prohibited transactions are less severe, though it's best not to utilize this benefit :)

Often landlords are looking for additional rentals.Call on ForRent.com for more landlords.Good luck to you!

Additionally, some lenders have overlays where they make their own guidelines on top of what Fannie and Freddie allow. 

-Located near 2 major hospitals and 3 Universities -Original Rehab included 100% new bathroom, 100% new plumbing in the house, electrical updates, all new flooring, all new paint, and the addition of one new wall to create a "true" 3rd BR.

Things like having the Contractors name the property owner as an additional be included in the contract. 

Additionally, many specifically say that if you do rent it out, you must sign a lease that rents the entire residence out (not a portion) and the HOA must be provided a copy of the lease.