In regards to that, I have been doing much better this past year, credit score going up, strict with my money and always on time payments. 

I do commercial financing for 80% of the price 4-5% interest and then ask them to hold a second note for 10-20% with 5-10 year terms.This let's me conserve my down payment capital for other deals, and gives them a chunk of cash and some income.

Assuming I put 20% down and finance less than 4%, my mortgage payment could be less than $200.  

I teach my clients to have all the expenses on auto withdrawal  ( mortgage payments, monthly assm, if needed: tax and insurance) and have the phone number of few handymen on speed dial.

I will need this as down payment for a conventional or commercial loan. 

Also keep in mind I did not include any closing costs or payments and expenses you will have during the holding time while you rehab.  

My first home was bought with an FHA mortgage with a low down payment, with the assistance of the CityLift program, which gave me down payment assistance.  

I find deals out there and lots of potential daily, I'm still just building up my initial down-payments and trying to find potential partners.

He said they have had very low vacancy with most renters signing 12 month to 24 month leases and they have had no evictions or late payments.  

And it has a high pre-payment penalty on it.