I know most of the time they look at the security rather than the individual, but if you built rapport with loan officers or liquid individual (for lack of a better term) can you attain cash quickly this way?

You need this for your records to protect yourself in case the tenant claims they paid the old owner.Make sure the security deposit 100% transfers to you.

Income from flipping is subject to payroll taxes (social security and medicare).

However, she also said the child is having a hard time securing a down payment.

She agreed but also assured me any damage would come from the security deposit.

There will be a specified timeframe in the contract so if the seller cannot perform due to the issue at hand you should be able to execute the notice to perform and put it on them.

I will definitely be checking deferred maintenance during the due diligence period and most likely there will be some needed.It's definitely not 100% turn key, there are most likely some renovations I can come in and value add, especially in the exterior and extra security to make the residents feel safe as it is a C class area. 

I am also having issues securing my VA Loan as I am in the middle of transitioning out of the Army.

If you knew there had been no appraisal yet, in our state, we send the buyers a NOTICE TO PERFORM, which gives them 2 days to get whatever done on the contract, or seller gets to cancel (and still has to give deposit back)Sucks if you are the seller, but the contract is written to allow the buyer a way out in this case. 

Please show me your bank statements to provide some amount of assurance that they have some number of months cushion so they would continue to be solvent in the case they get sick or in some way can't drive / perform the activity.