Hello BP family....I am here to seek advice and hopefully get some best practices from some of you that are already in the business of buying and selling homes.  

@Brian Varmuza if you are seeking properties that are challenged or in disrepair and buying from someone who is in real need to sell you won't want to have an inspection contingency.  

Hey BP members. I'm brand new to the BP community today and new to REI in general. I've owned a few properties in the past and worked as a loan originator in the residential mortgage business for 6 years back in 2001-...

Is there any reason to seek other forms of financing such as hard money or portfolio loans or is it best to go with a conventional mortgage to start out?

Anyway, seeing as you are on an REI site, you will probably be advised to seek a property that you can landlord as well as occupy.

I will seek alternatives for PM.

Seems really complicated and at the end of the day you're trying to obscure the true use of the credit your seeking.

Nic, your profile says 'Lender from Chandler, Arizona' but you're seeking a lender in your post.

I'm currently seeking referrals for investor friendly agents as well as an attorneys to work with for purchasing buy-and-hold properties. 

Speak to him about raising the rent to $850 and allow him a couple of month to find another place to live while you seek a replacement tenant that can afford the unit and that will not be a financial burden on your investment.Now is the best time for you to decide if you are investing as a business or as a charity.