Some lenders may have a rehab/ construction type loan that can finance the purchase and repair costs but have a 6-18 month balloon that would require a refinance. 

He has letter of recommendation from his boss and from our current landlord.

Some investors think I am crazy doing that and perhaps so, but I take other people's money seriously and even when the crap hits the fan (and it will if you do enough deals for a long enough period of time), paying back your lender is priority one in my book.Most of my deals for private money also include a balloon payment rather than monthly payments.

Quite often I see the seller requiring some type of downpayment, with interest only payments (usually higher than market rates) for X years, with a balloon payment due at the end of the term. 

If possible, a letter indicating new homes can be put on the lot to share with the Village. 

There’s nothing worse than a lender that over promises and then can’t deliver (sometimes they don’t even review your file before giving you the pre-approval letter and assuring you that all is well, charge you for the appraisal and let you go through inspection and pay for that out of pocket too, then their underwriters get involved and discover some reason they can’t process the loan leaving you high and dry).

Hybrid - 5 yr, 7 yr, 10 yrAll amortized over 30 years even if the loan has an earlier balloon.  

Prepare for competitive offers by getting pre-approved, having a proof of funds letter, and being flexible.

Two months later I get a letter renewing my insurance for my new AND old car. 

Go with a background check where you can see what is actually in it not just them giving you a letter grade or pass go.