What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

There are also 'mezz' lenders (typically for larger transactions) who will cover up to 90% CLTV and require you to bring the remaining equity to the deal, and additionally there is Gap Funding in the form of unsecured personal debt.The latter can potentially be the most expensive option, but allows for true 100% financing as there are no restrictions for how to use these funds, as they are unsecured, and generally obtained through personal credit, income etc (since there is no collateral for obtaining these funds).

Banks and credit unions might have lower-cost options, but they'll likely require more equity.

I recommend you send notice earlier than required and by multiple avenues to verify receipt.

This leaves room for profit and covers unexpected expenses after fixing the property.

Condos can be a nightmare because you’re not just buying a property—you’re buying into whatever financial mess the HOA decides to hand you.That’s why I stick with single-family homes and small multifamily properties—I control my own expenses, my own decisions, and I don’t get blindsided by ridiculous fees.At the end of the day, we’re just seeing the market shift back to something healthier.

If you eventually convert the property to your primary residence and later sell it, the taxes would be prorated based on the ratio of time the property was investment property.These items should be addressed and discussed with your tax and legal counsel to ensure that the exchange is the best course of action given the restrictions and requirements. 

DC is very expensive and so many of these workers live check to check even though they make decent money.

Life is about as good as it gets here, which is why it has become expensive. 

The vast majority of properties at their available prices will not meet this requirement.