From what I understand so far, the bank will place the first bid at what the current owners still owe (the 58k).  

When a resident pays rent late, the first portion of their payment goes to the late fee. 

Does anyone know the average rate that residents pay per month in MI to stay at a residential ALF?

Was it only free for the first month or is there something I'm missing?

You would have to refi your FHA into conventional on the one you live in now, which would probably work and you could be at a better rate also.

Like everywhere, valuations have risen and cap rates compressed.

Hi Jake,Rates should not be at 8% for a DSCR loan, you should be looking somewhere around the low to mid 7's but can always buy down your rate with points at close if you'd like.

I recently started in February wholesaling to build capital for my first step into house hacking.

As long as you are able to prove its not a "true log cabin" you should be fine.Materials listed, it looks like that may be one that just resembles, but be sure to ask your agent first, or the seller before you spend time and $ on it. 

They also set you up with a mentor who has a vested interest in helping you do deals because they get a percentage of profits for the first year. the mentor is available by phone, email, or text 7 days a week and help you analyze and structure deals.