Tenant can make payment using these apps only if they have funds in their account.

@Thomas S.Great advice - thxSo if I took out a large amount as protection, the hope is that there will be an HOA decision during the process in whicn he objects to the withheld funds.

Financing cash to fund the rehab of the vacant double ($30k).

I know that if we are going to start a business, it is crucial to keep aside some liquid cash to fund the business at least for a year.

On one hand I want to suggest looking into opening a HELOC on your current home rather than selling, this will give you access to some capital for your down payment funds on your next purchase and not require you to move into a rental for a short amount of time as you transition (something i'm guessing wouldn't be extremely fun especially with a little one either on the way or just arrived).Once you have adequate down payment funds, you could simply watch for the right thing to come along from the comfort of your own home.

get your funding before you make promises to buy properties unless they are nothing but empty lies.

And the desired one to invest in is "warrantable"....that means they keep good books, finances, insurance, aren't being sued, etc.Also, if you are looking for lending in Virginia then try posting to the Virginia forum as well. 

I am considering funding the purchase with HML and then the rehab costs with a personal loan (~13% interest rate, no money down). 

I would narrow my criteria, are you going to target pre-foreclosures with high equity, absentee owners, probate, tax delinquent owners, as in any business system there is a chain of steps, and if you aren’t getting you’re desired outcome, work your back in the chain.

I personally have basic knowledge and a desire to take action and get started.