It has a far better chance of being done with proper paperwork and with full seller disclosures. 

@Mike StadelThere's two ways to do it depending on the renovations necessary:- If it's a short term deal, the investors can wire the full amount to the title company, who then cuts any excess checks made out to both parties.- If it's a longer term deal the investors could wire a portion of the capital (enough to acquire) to the title company to acquire the property.

Refinances are a full fresh complete re-underwrite comprising 95% of the same work/paperwork that a purchase mortgage involves, assuming of course the consumer wants the Fannie/Freddie subsidized rates.

That leaves us with you pulling out your money and buying a house in full. 

The house movers are fighting the law and hope to overrule it, but until then I'd probably just build new on a vacant lot.

How quickly will you be able to get past the obligatory learning curve if you jump into real estate investing full time?  

There is also a full 3rd bathroom right next to what will soon be the 3rd bedroom.

I don't know of any insurance company that will compensate you for a bad tenant.Contact the tenant with an itemized list of charges and demand payment in full within 30 days or that they submit a payment plan with the entire amount paid off in 6 - 12 months.

And I haven't managed a full siding project, but 14k sounds a bit steep.

I misspoke in my first post in that I originally meant waiting to put the tenants on a full year lease.