So of the tenant makes 150,000 and has 750 credit score you don’t have to take a tenant making 50,000 and has a 590 score.Basically the easiest way to do it is Exiting tenant (tenant one) pays the rent until the entering tenant (tenant two) has a move in date.

It is in very poor condition, full of trash and therefore inhabitable.I've seen other similar properties that are habitable and on the market for the same price.

Lots of time spent showing properties for rent, processing applications- running credit checks and verifying employment, We are not on call 24/7, but if ther is an emergency, the tenants have a number to call which is our local plumbing and water remediation Company. 

2) You mentioned the property is old ... could it be eligible for historic tax credits?

Do not expect to get bank and credit union favorable rates and terms, it will not happen with Hard Money loans.I wish you the best and if you have any questions or concerns just contact me.  

This is also likely to be at a time when the economy is poor and your own day job may be in peril.

We are using a HELOC for the purchase and I am skulking around for decent 0% interest credit cards that still have rewards. 

I have strong personal credit but right now our cash is not adequate to use a large down payment to try and possibly offset lack of credit within an LLC or corporation.

Rich Dad Poor Dad has sent many people down the rabbit hole... and it only goes deeper from here!

It is better to do a deal than skip one just because the dollar amount for financing is high.Good luck in your search and know that if the numbers make sense, you have made the right choice.ya know I would have agreed with this pre 08  but these days most HML want good credit  and proof of cash reserves and cash down.. for inexperienced first time type buyers they may not even do one.. unless you have massive down and cash backing you up.. it gets very easy when your have a nice track record.. but most HML are not little down crappy credit no provable income.