You're assuming I'm buying C or D class that may require loads of CAPEX. 

The second scenario sounds like it meets that requirement if the all in costs include rehab costs.

We rehabbed our first property and have connections so we aren't afraid of a fixer-upper.We understand that buying through a wholesaler can be risky because there are no official requirements, regulations, or hand-holding. 

I study social and economic development on the side and that keeps me balanced.

Would you just leave out the income requirement since the housing agency is covering the rent?

They now require 24 hr care and he is trying to avoid selling his home to pay the $65k that is owed.

Wanting to move these properties into an LLC but I find out we have to pay taxes (7%) on the transfer equivalent to the mortgage balance.

We require co-signer to be local and a real estate owner, so that in case of default we can lien their real estate.

Also, 6 months reserves is a great rule of thumb, and some lenders require that as proof as well.We do have an arrangement with Helix Mattresses where I can +/- 50% off retail with free shipping on all mattresses. 

Do you need a certain amount of cash flow, are renovations required, how many bedrooms, etc4)who’s your ideal tenant, if you’re renting out?