I've never used one, but from what I've learned rates usually move into a 30 yr fixed after the rehab is complete.

It is a starting point for me that I am willing to take a risk on and learn my lesson if it turns out a nightmare. 

Currently renting Lessons learned?

You will be amazed at what you can learn. 

there's nothing wrong with continuing to learn and save. 

Lessons learned?

Ask to see a copy of the lease and look for the length of lease, current rent amount, tenant obligations like paying for utilities and adhering to house rules and look for Landlord obligations like things the landlord may currently being paying for (like trash and water)Make sure to have an assignment of the lease and clear language on the security deposit WITH interest shall be transferred to the new owner at settlement.Consider tenant quality - what’s their payment history looked like, obtain rent receipts or bank statements from the seller to review on-time payment history.

Having someone with experience to learn from will be huge for you.

Deceased or Likely Deceased ownersIf you can get good at finding deals with this criteria you will absolutely close deals and you will learn that your ratio of leads to deals is really tight even if you aren't all that great at sales or negotiating.  

I'd recommend connecting with @Stuart Udis and reading some excellent work on asset protection simplified and attend one of his educational events to learn more.