@Chelsey HamillIt is best for you both to start out getting pre-qualified to see what purchase price you can go up to. 

(I would have already issued one right after they sent me half the rent, just to get the ball rolling in case something like this happened or they didn't end up paying on the 18th as they promised.) 

Once the purchase of the home is closed, renovation funds are held in escrow to pay for pre-determined renovation work done by approved renovation contractors.The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done until the house has been purchased.HUD's 203(k) program can help you overcome this obstacle by enabling you to borrow funds for the purchase or refinance of a property plus the cost of making the repairs and improvements in one mortgage.

Roll tide. 

Also keep in mind, whatever additions you are looking to add will be rolled into the total overall loan amount as well.

We want to get the ball rolling Monday or Tuesday at the latest.

My answer is one LONG phone call pre-screening.

Owner-held mortgage.  3 units I can alternate between AirBnb and/or longterm rental (probably averaging 2,400 rent roll first 2 years - long term tenants -, then after some reno, and new turnover, Bnb, averaging about 6-8,000 month, really) because it's located in a place short on hotels and BnB's in a very popular town.

This one doesn't seem like he is going to go anywhere soon so why not roll with it and cash the checks?

By then you should have enough bank rolled that every flip you do can go to buying another rental.