I am looking to achieve a low down payment and renovate the portion of the home I would be "living in" over the year I am supposed to be residing there and essentially using that year to take my time with renovations as I am full time student and working full time.

Never take partial payments or it resets your eviction. 

Limited partner tests are not as expansive as non-limited partner tests. 

Obviously we could help him with a down payment and cosign if needed.What would you buy?  

Your strategy may work on a bridge loan, however, you will need to be careful about the balloon payment.

Purchased house for $260k at 3.8% 30-yr fixedCurrent mortgage payment is around $1850.

Time is running out,  file for an extension, make a payment and get a second and third opinion.  

Additionally, you'll need to locate a property with either a vacant unit or a shorter lease that could be canceled, allowing you to occupy a unit as your primary residence, as required by the terms of your low down payment loan.

After year one, with no missed or late payments, we will refund half the initial deposit. - We we were self managing properties I liked using Turbo Tenant, but I have heard good things about other platforms as well.Best of luck on your self management Journey! 

There are no real wholesalers in the group, and very few people doing free and clear transactions, at least that I know of, and the average level of the knowledge about real estate of any of those "Bid Dogs" attending the masterminds is very low, or almost non existent, as most of them are new members.Phil preaches that they are experts because the know just a little be more about real estate investment than the average guy, but the reality is that is all smoke and mirrors, and they feed and prey upon people expectations to improve their lives, creating false expectations about people being able to make money the easy way, with no credit or money to start with.