Certain vehicles offer more protection than others when it comes to bankruptcy proceedings and ringfencing assets from creditors.A good CPA should be able to effectively advise on the tax and legal implications of each vehicle.

At a 66% LTV, they're offering me 7.5% interest and $245k out.

You would want to offer less and then negotiate concessions after the inspection.

I would encourage you to offer a "move in special" to your tenant. 

It's all about supply and demand for your specific offering. 

Is it only offered in select states?

The loan program I was offered is the Family Opportunity Mortgage.  

Geico/Progressive do not offer them - they offer homeowner's insurance, condo insurance, renter's insurance and etc, but none of them covers the building structure & the common areas. 

It's allowed me to do some of my own work like changing toilets and fixing leaking ceilings, but even if I don't want to do a job personally hopefully I'll have enough knowledge to not let a contractor over charge me, or recommend something I don't need.You'll also meet local contractors, and hopefully investors.They may offer an employee discount too.

The house is situated in a desirable neighborhood but it seems they are only looking into cash offers. 1.