If you're brand new, I think offering your services to someone for the first few months gratis is a great way to get your foot in the door.

Just make sure to keep an eye on those rehab costs to ensure you’re leaving enough margin for your cash-out.Alternative Financing: Getting into a larger commercial property can be tricky, but sometimes partnering with investors or syndicating deals can help ease the capital burden.

We have 0% financing for 12 months.

If so, is 1 month's rent market?

Within 2 years of this or during a tenant turover, you have to pay to have your walls tested for LPB lead based paint, no exemption on property size (ex:sfr or 500 unit) Unless it was built after 1978, certified free of LBP, SFR or duplex and rented under 6 months, and some other wacky exemption.  

Looks like there is a lot more movement this month in Dallas-Fort Worth!

Interest payments of $7,500/month.

The house rents for $1200 month currently and will be able to get $1600 if renovated (finish basement bathroom, new flooring and fixtures, mainly cosmetic).

Had a similar situation, inherited a tenant from a former building owner, where the 3br rent was $550 month. 

You would then use a hard money lender or another private lender to purchase a property, including repair costs.