You can lose your earnest money messing around and your alternative to avoid other issues will be to make an application, pay loan expenses and then be denied by a reputable lender to satisfy your contractual obligation. 

@David Rocca FHA is popular for the first time if you don't own anything else.

That being said, Airbnb is becoming more and more popular in this market.

Alternately you could offer them all a bonus once you sell the property.

@Don Konipol  agreed  deed In lu cash for keys restructure are all better alternatives for me as when I was lending than foreclosure.. the only times we had to foreclose was when we needed to extinguish junior interests.. or the borrower just went dark and left us no choice.In our reality which was fix and flip loans for sfr's I don't really recall anyone doing a BK on us.. usually not enough equity to make it financially feasible on their side.. but in a commercial loan environment I can certainly see that .. dealing with more sophisticated borrowers who could use the BK environment as a negotiating tactic..

The app is extremely popular for millennials, but is recently gaining a lot of popularity for older generations - similar to how facebook exploded.

Or alternatively pass on both and get a single 30+ pad park.  

Even if there are boarded up houses a couple of blocks away, how would you know that your block will be next is impossible (unless you choose a popular well established area that no longer has 30k homes).

Any Alternatives or any advice?

In some popular areas the prices have gotten higher then last bubbles but so many areas haven't touched those highs.