First time home buyer to qualify for certain down payment assistance programs and loans is a person who has NOT owned for the past 36 months.FHA doesn't require you to be a first time home buyer.

Any recommendations for reliable general contractors in the area?

Hi John, Here are the numbers: Purchase Price $101k/ ARV $205k/ Down payment $21k/ No rehab/ 785 credit score/ 30 yr amortization

Good luck Yes sir the cash needed to close will be about 14k now with the counter coming back at 399 and closing covered. its a VA situation so the down payment will be insane. 

.- Financing seems much riskier, since you have to make the mortgage payments regardless if you have a tenant or not if you finance, but if you own not having a tenant would stink, but you still are getting the appreciation and the risk of going negative cash flow is MUCH less.Thanks -I am really interested in hearing different viewpoints.

I attended one recently, but it felt more like a scheme; the initial meeting was free, but subsequent sessions required payment ranging from $200 to $500 for a 3-day course.

Figure out your equity and make payments. 

Then the judgment would need to attach to the property and then you can foreclose.Issues that could come up are I assume there is no third party servicer to claim the payments were or were not made- so there is a he said she said - if they also occupy the property and statements were not sent you cannot charge interest typically on the loan.You will need an attorney involved to see what if it is still collectible.

Low purchase price and owner-occupied loan to keep down payment and carrying costs low to fund the construction costs.

As mentioned above you can use your down payment as leverage buying multiple properties with 25% down and having millions of $$ properties owned is better than one property paid off.