After reading your post and looking into it a little more, I decided to pull he trigger on this one using the similar route you explained of joining the NEABA for the month until approved.

@Jack OrthmanThank you for taking the time to explain it that way, it does make sense when looking to increase the rent, even when it’s a bit every year.One more thing, when it comes to the age of the property, do you have a max number of years you would purchase a property or is just base on the condition itself.?

Start calling them and explaining your scenario and I think you will find some help

I would like to know if someone can explain to me how a promissory note work.

In the description I explain a lot, but my fiance was renting it and once we got married I moved in; I wanted to save $$ instead of throwing it away paying someone else's mortgage.

Maybe your desire to make money is hindering your ability to objectively see what's available.

If so do you mind explaining what else I can do.

Now obviously there are going to be requirements/stipulations to doing this, so I highly recommend you find a lender that does delayed financing and can explain their terms and conditions to you.

I know they're going to be estimating the ARV for once repairs have been done, but what would you supply the appraiser with to explain everything being done to the property?

Here's from an old blog post i wrote -4 Tips for a Value Reconsideration RequestLook for objective factual errors in appraisal report.