Basically if the interest, taxes and insurance (ITI) is equal to rents it qualifies instead of having to qualify rents against a full PITI (principal, Interest, taxes & Insurance).There are also some DSCR options that can use the STR like VRBO which tend to be much higher then the LTR - long term rents.

We are currently examining our options.

I am not talking about a home inspection which usually says "get a professional opinion" which is what you should have gotten to start with.The other option is to join a local REIG and see if you can walk a few properties with members that are doing them and compare notes. 

If you are OK not leaving the balance left over to your family, This is a very good tax efficient option that can aid a cause you care about.  

This is for fun and entertainment not financial advice please consult with your advisors.If you want to find some options head over to the build your team tab to find tax and finance pros.  

So should I ask about loan options or save that for deal talk?

Your script or simply guidelines for starting a call should be geared to solving a problem the seller may have . . . needs to sell, may want to sell but had not considered the options, etc.Best advice is to be honest with yourself as to what you are looking for - a flip, a buy-&-hold, a wholesale - and approach the seller with a sincere opening explaining who you are what you are bringing to the table. 

Lets connect and discuss some options 

If they decline or do not respond (in 3 days I think) you have the option to escalate. 

We have a few options to fund this, I was wondering what would be the best option and why?