If you are going regular FHA or 203k but in your name only you are good to go! 

Rob: I do deals regularly in Richmond and know most of the brokers.

awhile ago someone had posted a list of items which can be deducted from security deposit after tenant moves out  ex: cleaning services Anyone know how I can find it again ? 

@Nathan McQueen thanks for the advice I am definitely going with regular furnaces 

And if that's possible, how is the loan secured - because I wouldn't want it backed by the note if I'm the one paying for the mortgage and they're only funding the repairs.

The other line was like a credit card, I used it for my regular needs, and paid it off right away every month. 12 Months latter $80 in loan document fees and a 780 BAM.

They can pay the rent and security deposit before the beginning of the month and move in anytime that is convenient for them.

That will need to be done on a regular basis.  

I've heard about Goldman Sachs and other large institutions buying thousands of loans and holding on to them (punishment for the its role in packaging and selling toxic mortgage-backed securities in the housing meltdown).

It depends primarily on what price you are willing to pay for physiological security.