Hence, you could have a cash flow generating machine but won't get any credit.

No bank, no credit report, no hassles.Would that qualify as a "deal"?

Bob gets excited & begins planning for the future. 2 weeks later person A finds out they have terrible credit & the bank won’t loan him enough money to buy Bob’s house.

The ding, 4-5 points on your credit score, is only temporary. 

I plan to put in around $10k to modernize it and bring to comps renting for $1,300 per month, which includes all bills (water, internet, etc. )With the improvements to the area, I can see it being a long buy and hold play. 

If you have some really high interest CC debt or a lot of CC debt then you should probably start putting it on these bills to boost you credit score and improve your debt to income ratio.

.  ($129,500 to $135,750) or ($136,500 to $146,250) depending on the appraised value.Shop around with local banks and credit unions for better deals.

Account Closed So does this Tenant Buyer normally have poor credit? 

@Luis Barberi That is also a good thing, it will probably be a little difficult unless the company has enough size to be talked about on the internet, but either way, be very diligent and aware and you will do great.

If the tenant is worthy in terms of other factors like income and credit then I don't see anything wrong with them asking for what they want.