I have a prospective tenant with a credit score of 577.  

Talk to them first, but raise rent to market rent, background screen, credit check, and offer lease.

@Jeremy Brown Yes, I first applied the numbers to the flip calculator on BP.  

Your actionable steps in this order: Fix your credit, get out of debt. 

The best part of the deal was the owners covered the closing costs and where able to do a sellers finance credit (I believe thats what its called ) for $5,000.

I will check with my credit union. 

I am starting out with around $50,000 to invest (also great credit score and cosigners if needed) and can probably find some decent homes here in Lexington that I could buy and flip in that price range but not so much in Colorado.

The seller avoids foreclosure and walks away with his credit more or less intact, his mortgage paid off, and $15k in his pocket to start a new life.3.

Credit them the few days back off of rent.Sorry you are facing this and wish you well either way!

The information is here, you just have to figure out how it applies to what u are trying to accomplish.