You're going to work for this money, you can be sure of that. 

If you are looking for local private money lenders, you'll find them at local meetups.

If you're $400/mo below market it seems like there's a decent incentive for you to spend some money to aggressively rehab and get top rent.

My preferred money market is returning near 2x my lowest rates.  

., mission-driven: want to make the world a better place OR lifestyle: prefer the work of selling a program to the work of executing it) and they are willing to stomach any difference in income, OR 2) They are making more money selling the program to you than they are working it for themselves. 

Your providing a service not looking to make money off other

Make sure to do a FHA 203k loan so you can finance most of the renovation and save some money for anything that may come up, and furniture. 

You pay a bunch of fees, are under the gun time wise and have to reinvest the entire gain.

The first option is to use the "Cash for Keys" approach and offer them some money to move out and find somewhere else to live. 

Eventually you'll run out of money or lending potentials on your own which is usually when many investors start looking to partner up.