Some also look to purchase a nonperforming note with the sole intent of foreclosing, taking the property back and fixing up to sell with owner financing or as a fix and flip to a traditional buyer.  

However, we're well aware that no traditional lender will be likely to approve us for a second mortgage so soon after acquiring our first one since it would make our debt-to-income ratio go through the roof.

"I'll only work with someone who invests" is just an objection that people throw at you that can easily be overcome by any or all of the items above. 

What seems less likely is that the landlord (from herein referred to as "slumlord") will want to fix the minimum items necessary to allow the property to meet FHA guidelines.

Will interest rates be higher in DF than in a traditional loan at closing?

Repair Estimation/Budgeting - Ability to create detailed Scopes of Work & repair costs budgetsBudget Tracking - Ability to track your actual expenses against your initial budgetScheduling - Ability to create a project plan & track project progressChecklists/To Dos - Ability to track daily to-dos and checklists of items that need to be completedCalendars - Ideally all of your Schedules & To-Dos feed into a Calendar that you can use to manage all of your projects in one location.Document Management - Place to store project documents and photosHere are some Project Management tools that you might consider: Trello/Asana/Zoho Projects/Basecamp - General project management software that includes tasks, Gantt scheduling, calendars, project forums, document storage & team collaboration tools. 

Non-QM is a great alternative especially for turnkey rental or even a FixnRent to Permanent Hold solution with really competitive interest rate close traditional rates but slightly higher. 

House needs about $45k for a remodel for us to be comfortable with the move.Location of property: MinnesotaPurpose of financing: PurchaseType of financing sought: traditional mortgage - but seller has offered to finance up to 5 years. 

Obviously I called the contractor and he said he didn’t see nor take nor misplaced item.

While it may not lead to your next home, it does give you an idea of what homes are like in the area and what you can expect to get for your money.The standard real estate fees for RedFin are lower than traditional agents.