You've elaborated much more on the older tenant, so it's hard to decide whether or not the younger one is good.

I realize that this is an older post but was curious to see if you were able to find a lender that was willing to finance the loan.  

For that, you need to wait for their mandatory seasoning period - usually 6 months.Banks are sticklers that way.

New investors approach things differently and agents may want to work with seasoned investors.

Managing across country for a seasoned investor might work, but my personal opinion is that it would be tough.

Question: is it possible to use a HML to purchase the home as a buy and hold, make payments until the property has seasoned for about 12 months and then refinance to pay the HML back?

Did the tenants just move over from the "older" units to the "newer" units and then you were able to continually update vacated "older" units until everything had been updated?

You can rate and term refinance without seasoning, based on appraised value as long as there is a lien.

I have a deal in my pipeline that is a classic situation of an older person passing, heirs wanting to sell quick, property being a mess in terms of clutter, never updated, full-gut kinda job.  

Any seasoned real estate investors willing to check out this website and tell me if you think this ranking is pretty accurate or not??