To the point of this thread, $1,300 is well within the realm of possibility of what AHA will pay for a nice 3BR unit in an average Atlanta neighborhood.Source:  https://www.atlantahousing.org/cms/uploads/file/aha-payment-standards-maximum-payments.pdf

Looking to do my first deal this year.One of the HML lenders I've talked to said these are their requirements for a newbie:650 credit score$10,000 in my personal bank account14% interest onlyIs this pretty standard across the board with the hard money loans you have used?

Banks have the same requirements and standards if you are buying or already own a home.  

You should hold your team to a high standard.

Pretty standard practice in Detroit Metro these days. 

You need to research what goes on in your state in regards to probate law.As for needing a real estate license, you don't need a license to buy probate property unless that case needs to come before a judge - most don't.In California, where I'm from, you do not need to be licensed to buy probate property if the PR has Full Authority because the sale of property then becomes a standard sale and anyone can do a for sale by owner in a standard sale.

That is why it is a standard feature of many Renter's Insurance policies to pay for alternate living arrangements should these be needed.

@Austin Carr sounds like what you are talking about is a standard Home Equity Line of Credit.

Requiring impounds is standard practice if you're over 80%.  

@Jonathan Ramos, @Art Herbert is suggesting that you structure the deal to finance the property with a standard mortgage at 80% LTV  (which covers the sellers existing loan) and ask the seller to hold a 2nd (carry the paper) on any remaining balance of purchase price that you work out with the seller.