Also the loans allow us to pay them off early, make minimum payment for 30 years, or refinance if we choose.

In the unconventional lending world there is no specific period you are required to wait to be able to refinance based on actual appraised value, which means you may be able to refinance and cash out your original down payment funds and potential lever equity immediately following rehab completion and tenant placed.  

Anyone have any experience doing this and if so how would you suggest best way to structure deal, clauses, down payment, etc.

I like this option because our current interest rate is 4.75% and right now, a refi rate is lower than that, making our monthly payment stay relatively close to what it is now, while being able to get a good chunk of money to start investing.

I'll make a list of expenses I think I will encounter.Purchase - 65000Rent-  650Taxes monthly - 105Insurance monthly- 62Vacancy 5% - 32Repair 5% - 32Mortgage - 278All that puts me at 509 expenses versus 650 rent to be at 141 cash flow monthly.I have calculated the CoCR a couple different ways because I am certain that the house is rent ready now but I also figured it with some rehab expenses just in case I find something.141x12= 16921692/16000(down payment plus closing)= 10.5% CoCR1692/18000(down payment, closing, and 2k rehab) = 9.4%Like I said before 650 seems like the safe route for potential rent.

For example, lets say I find a lender and they say yes I will fund your down payment.

I realize the extra cashflow, and I can always make additional principal payments.  

You sound like you have a similar background to where I was coming from - my folks had me mowing grass and fixing things, collecting rents and making payments for their rentals business when I was younger. 

So with just $100K, you could put a down payment on three or four properties and keep a good chunk for reserves, let tenants pay down your mortgages and either keep the cash flow as supplemental income or devote it all to rapid pay down.

Inspection cost-Lender fees-Closing cost-Mortgage payments-Property taxes-Utilities-Insurance-Commissions-Selling closing cost-Home warranty-Termite letter-MLS fees-