He'll have the remaining principle of the $95k left and we'll have $30k owed for rehab. 

I often get multiple applications sight unseen.Get a large deposit from the current tenant when they move in to encourage them to leave house clean and move in ready to get back their deposit.Yes show it before tenant moves out to qualified tenants.Have great pictures in your files (even video walkthrough) for marketing. 

One follow up, and forgive my ignorance, but typically w/an interest only loan the buyer would still pay the taxes and insurance, just not the principle correct?

If the bid is accepted, I visit the sight the verify the rehab. 

Though the deal is not finalized I feel grateful to be able to salvage the deal and I plan to learn from this experience and make sure I interview lenders before even having a potential property in sight.

Just know that you're leaps and bounds ahead of 99% of the population just by being aware of these different ventures you're considering (but don't lose sight of it).  

The statement say principle balance 0.

When I am ready to make my first deal, the principle in the Roth will act as my 3-6 months of reserves.Hope this helps,Bracken

What markets would you recommend we set our sights on and do deep research.

By doing the math we could make roughly 30k in about 7ish years (including the principle which is being paid off of the loan).