They will move to a different home where the owner keeps up on maintenance, and you'll be stuck trying to rent a non-functional home or paying a lot of money at once to fix everything back up.Best practice is to maintain your property.

I don't know what you consider a lot of money spent on advertising and marketing, but I can tell you that $10,000 per month won't scratch the surface.  

Does anyone know of any asset-based hard money lender that does not require credit check.

As mentioned you are cash flow negative when you consider the additional interest on your new primary, so it’s a lose, lose situation selling later. 

If you are 100% LTV and there is something that causes you to sell the property you will have to bring money to close.

So I wanted to purchase something that would not only make me money - but also a place to live.

Are there folks out there, private money, that will provide second positions loans?

That is a fact, and it’s called time value of money.

I have seen many get completely ripped off and worse, contractor takes the money and poof their gone.

Every VA in the world is using that nonsense.It doesn't even make sense to a seller since you said you can have their property sold AND you decide on a price and send the money to them.