Now my primary purpose of becoming licensed was to aid my investment purchases; however, I do also perform as an agent.

The closest Conventional loan would require 20% down, so that's not an option. 

Make sure you tell him, in writing, that you "appreciate his cooperation in allowing you to show the unit in a clean and rent-ready condition" to aid you in getting the unit re-rented as quickly as possible.

@Dan Barli not yet the closest one to me is in Chicago I think

@Megan RandolphThe closest is buy a non performing note, get it reperforming then sell a partial to get your equity back to reinvest in another deal and you will also keep payments on the back end.Example, buy a $30,000 UPB non performing loan that is paying $400/month with 120 months remaining 10% interestYou buy it for $15k, they start reperforming then you sell 15,000 worth of payments at 10% to investor which may be 60 months (numbers not verified and for example purposes).

Jeff if you have the money it would be best to pull the band aid off and reno everything at once and then get market rents.If you don't have the cash in hand I would raise rents a little and build up cash reserves.

He does not have a lot of family, his closest relative is a few states away.

The closest alternative would be to purchase a SFR and find roommates, or get incredibly lucky and find a property with multiple detached units already built on it (which in many cases will not be in compliance with modern zoning regulations).

Comps: The closest comp on vickers ave (less than 0.5mi away sold for $262k on 1/23/19 and it's a smaller 2/1 816sqft).

Get the TOP CLOSEST property management company.