Even if your agent knows a rare exception, the lender must still comply with Dodd-Frank, so I'm not sure this helps you.

I talked to someone in the area who told me that new builds would sell for $85/ sq ft but after reviewing comps most were 30 years old listed for $65/ sq ft and lingered on the market for 6 to 9 months.The owner of the land is already going to have to take a bath because when he bought it the cabin was usable but it has been left to rot.It is not close enough to any small town to sell to anyone except as a hunting cabin or small weekend farm and its not along a major state highway.

There are exceptions, including these outlined here:What housing is covered?

Crappy tenants will except anything thrown at them because they don't have much to offer.

Your question is really clear as you said was a down payment, no, you can't borrow the down payment in customary conventional financing, there are exceptions but sounds like you're not a first time buyer or low income or at the other extreme.Sounds like you want an investor to buy a house a sell it to you in ten years, could be an option.

In fact, if you can borrow funds for purchase and rehab and secure against other properties (or unsecured if you have someone who trusts you that much - like parents or in laws), then you can buy cash and refinance much sooner with Delayed Financing Exception and pay most or all he lenders back - and then repeat the process with another house (though 2-4 units may have more limitations from Fannie Mae or lenders).You could also secure a small loan against a car or some other asset you have. 

The firm I'll be starting at has a similar prerequisite but will occasionally make exceptions. 

Being new, I obviously have my goals such as finding potential customers (i.e. cash buyers), obtaining referrals for closing agents & realtors, get a feel for the local market, etc...BUT i don't have much to offer in return except for open ears and promises of commitment.  

The pairs should be similar properties except that one is on the busy street and one's not.Does that 76% of ARV include rehab? 

If the call was just to exchange info then there was not great urgency except on your part .