Ryan Stewman's https://entourage.breakfreeacademy.com/get-started covers this in depth.

Payment was made promptly to repair the damages but new carpet & padding was just placed on top to cover the extent of damages underneath without actually repairing.There was water leaking at the front of the home.

I'm guessing that no matter what in a Class C property that a tenant will most likely put a lot of wear and tear on each unit that will not be covered by a security deposit alone.

You may find it hard to refinance for more than you paid, to cover repair costs, unless you have it up and running as a rental for 6 months to a year.

She only needs about $2800 for inspection, appraisal, her earnest money deposit, and remaining closing costs not covered by HOC and the sellers credit of $1700.

Will $16k really cover all of your rehab costs, carrying costs, and selling costs? 

If you don't have those contingencies covered you will be in a world of hurt.I'm not trying to discourage you.

With such low income, how will the person cover the mortgage if they're between jobs.

I am in the process of buying a home and there will be 3 people on the deed including me that will be occupying the home.Does anyone know which home owner's insurance company will cover us with 3 people on the deed?

The pro's of conventional 1 year tax return programs is that typically you can price your loan with no points and potentially with a lender credit to cover all your closing costs and its 30 year amortization and 30 year term meaning you pay the min payment for 30 years you'll end up at 0 dollar balance at the end of 30 with out having to refinance or payoff your loan at any point in between and assuming you dont default your note will not be called due and payable which is always a possiblity on a portfolio note.In houston,TX I like Lone Star Bank (LSB) they do portfolio money last I saw at 20 year AM 5.50% with 1 point 7 year term i believe (balloons at the end of 7).