I past the test first try, and credit the hundreds of practice questions the school provided.  

Plus if I'm going to be living there then I'll be able to apply the VA loan that I'll have at the time to it to make it even better.

The CMA of the property would be around 430k-450k looking at recently flips homes close to the property (not counting the extra 400 sq). we talked to other investors and came with a rehab cost of 50k give or take, again this is our first work so we might be off by more than we would like to. the Owner of the house seems more than willing than to finance the project 100% by either using his business credit or even taking a HELOC on the property we are flipping.

Credit score is 815, never missed a payment. 

I want to send a notice introducing us as the new owners and giving them notice that in order to renew their lease they first must consent to a criminal, credit, and eviction screening under our new minimum qualifications/new lease terms for all persons over the age of 18 that live in the home and also inform them that rent will be increasing November giving them the chance to stay if they want  and meet our rental qualifications or decide if it's best for them to move.I want to know does this seem reasonable and if there are some things I should consider before moving forward with this plan?

I spoke to a credit union and they said 25% down and approx 10% in reserve as a liquid asset (saving or CD).

Also, your credit history, the claim history of that property, your own credit history could potentially negatively affect the rates (also could be positive factors).  

@Al Williamson @Duane Gunkler @Jaysen Medhurst Early on I felt very uncertain with this tenant, but after an application, credit report and talking with her in person I decided to go for it. 

Is that true for all banks or is this just with Navy Federal Credit Union? 

If you damage the seats - they will charge your credit card..Second: I prefer not to be the guy who fixes a clogged toilet (or clean up dog poop).