I had started by focusing on areas in the West End (Short Pump, Tuckahoe Village, Wyndham, Innsbrook & Glen Allen etc) looking for properties in good school districts where I could focus on attracting young families, looking for good school districts that did not have the down payment to buy in to the neighborhoods. 

Positives from an investor's perspective:- Leverage and Appreciation: By opting for a 20% down payment, I'm leveraging my capital.

My wife and are eager to get into the relistate game but are working to gain experience while we build up a down payment to start house hacking.

I was just wondering how it would work if they tried to do a loan modification or file bankruptcy even through I’m making the payments. 

It can be worth it if a building is in a tough area, or you want a guaranteed payment from the government.

One partner would front cash for renovation, and the other would front the down payment.

They mostly just want to see most recent bank statements to ensure you have proper funds for the down payment and portion of the rehab budget to start out prior to requesting your first draw.

As a landlord with numerous Section 8 tenants, I can attest that participating in the program can be a great way to secure reliable rental income.

Then, depending on if you or your wife have a traditional day job, you'll definitely want to consider making estimated payments to avoid underpayment penalties. 

Should the time 0 investment only include the cash investment (down payment) or the full purchase price (down payment AND mortgage amount)?