Using an FHA loan is a lot easier to get pre-approved, but you will need that 3.5% for a downpayment as well as 2-3% more for closing cost but you can also get sellers credit and not have to pay as much upfront.

Dont like the complexity and stress of fidning stuff in 180 days, the potential to get a bad deal sounds worse than having to pay 50k.

Additionally, I will ask them to pay $75 per horse for pet rent, so it will increase the monthly rent by $150.Please let me know if this sounds okay, and if there are any other steps we need to take for tenants with horses.

So that means if you're living in it, you are not hacking for free, you're paying your fair share of the rent and some of your tenant's rent.   

Seems I could be paying a lot of money to own a lot of nothing.

@Dakota Mivshek From my recollection I think mostly I was dealing with the secretary of the company or some assistant and these people are all unlicensed, unprofessional, basically don't have any concept of how to structure contracts or even withdraw from a contract unfortunately.  

If I sign one of these contracts to get the rehab done and then rent my place out, does that cancel the contract or will I be stuck paying for electricity for a year even after my future tenant moves in?

Fees may also be financed depending on the LTV Goal is long term and to pay off some bad debt. 

First time home buyer programs to pay for downpayment closing costs and renovation How did you add value to the deal?

A college or professional athlete would just find a gym appropriate to their needs and pay the day rate.