I take that to mean that they are all bringing in around $2k per month and they are all renting below market and carry no debt. 

They carry a liability for your actions in real estate regardless of you acting in an agency capacity or individually, it's still a real estate transaction.

So in two years you would have "saved" via the monthly credits $4800.00 that could be used as a whole or partial down payment on the purchase of the property.Seller financing you (the buyer) actually purchase the house from the owner and pay the owner as you would a bank (if they carry the full purchase price). 

You can usually collect rent far in excess of your carry costs, but again, big ticket initially and not as huge an upside as some alternatives.

For all the deals I've done with commercial lenders, it's a combination of my down payment plus the track record (or potential) of the investment that's worked together to get things qualified.Unless the seller carries a second mortgage, and your primary lender is OK with that (doubtful) I don't see a way to make this work without having the standard 20% give or take down.

And DO verify that title is in your name, assuming you did a straight sale, and the owner carried them the mortgage, as opposed to a land contract type deal.

So if you can't qualify at first, and have to carry for a year - how does that look on your financial figuring?

@Carrie Giordano  Yes, we do! 

That's a 1% rental you won't make money if you carry a mortgage.

I doubt a tenant that intends to sue will care whether you carry a mortgage or not.