He made his early money on Bitcoin and was not successful at Cintas. 

@Collin HendersonI think the best move is to find a private money lender to loan you the money for the rehab, then refinance into a conventional loan.

To win as a first-time or seasoned house hacker who is ok with less space, you want to look for funky layouts.For example, a three bed and a one bed is a huge score because you can live in the small unit and make more money without room hacking or wasting space in your unit.

-If you do a long term rental, how do you pay back the hard money lender/private lender (if you use one)?

Unless you are looking to go hard money you will not secure financing for a vacation home with 5-10% down.

If you're looking to buy property without putting any money down, some creative ways exist.

You lose the rent money that he didn't pay and you have to pay someone else to finish the job.

When you cash out refi, you can use the money to improve the property and/or buy your next investment.

Some lower income tenants tend to pay via cash or money orders and you could have them deposit it direct into your account and text you the receipt for you to input.

Taking out $500K of tax free money (sounds like Section 121 (married)) through the sale of the property is great if you're trying to scale your portfolio.