I can respect why this is necessary; however, I do not have the capital required in cash and am not ready to pull equity out of my Norfolk Va house (~$70K) or fund with Credit Cards until I feel more confident with the process.

As an investor, you have to be confident in knowing what is or isn't a good deal for you.

I've been in other markets where selling prices were 50% over assessed and some markets where the assessed and sell price tracked very closely.Running the numbers on the calculator sure didn't inspire much confidence for a cash on cash return at the asking prices as advertised!

Thanks in advance for reading and any comments/opinions.I see an opportunity for a deal but am pretty confident that it does not make sense.

Most importantly you need to convey confidence and assurance you are a player and not just wasting their time.

Thanks for the vote of confidence. 

Also, if you are confident in your numbers of being all in at $40k, renting for $700+, you should be in good shape as long as taxes and insurance aren't too high and there's no other immediate big ticket items in need of repair such as the foundation or basement waterproofing.

Most importantly you need to convey confidence and assurance you are a player and not just wasting their time.

Be humble yet confident.

but for bigger short term credit if for nothing else a confidence booster