You say you cannot afford the rehab costs or a loan but do you have any money you can use to at least get started with the repairs?

I'm worried because I really can't afford a 40,000 down payment on a conventional loan.  

As many as you can afford.

Here is what we put in our move out letter, which may be helpful to build on:Specifically, here's a list of items you should thoroughly clean before vacating:[ ] Floors[ ] sweep/mop laminate floors[ ] vacuum carpets and rugs (shampoo if necessary)[ ] mop kitchen and bathroom floors[ ] Walls, baseboards, ceilings, and built-in shelves[ ] Kitchen cabinets, countertops and sink, stove and oven--inside and out [ ] Refrigerator--clean inside and out, empty it of food[ ] Bathtubs, showers, toilets, and plumbing fixtures[ ] Doors, windows, and window coveringsPlease don't leave anything behind--that includes bags of garbage, clothes, food, newspapers, furniture, appliances, dishes, plants, cleaning supplies, or other items that belong to you.For move in, put all info in the rental agreement.  

By making it an affordable Meetup group (without Guru’s involved), It could potentially gain huge popularity.

Further, auction buyers as a real property owner have a statutory right of notice to a senior's foreclosure, which starts the clock of redemption that must be afforded or that owner can contest the foreclosure all together.  

As a hands on individual who lives at the outer edge of a major metropolitan area, I'm curious if investors from the "big city" who are looking for more affordable markets would find benefit in the assistance of a fellow investor native to the area (to help vet properties and/or act as a property manager).  

Now mostly newer homes in a much more affordable price range than what you can get closer to the Bay Area.  

This helps explain why most of the examples where I've seen this done are done with some sort of affordable component that includes low income housing tax credits or they're done in luxury areas where the rents justify the conversion costs.

if he does the work,  he is either super cheap or can't afford to hire it out cause he will lose money. what u should look for is a run down place that u can bring back to life