Given that this is my first time out and the rough condition of the property, I feel like it would be difficult to get anyone on board.I am hesitant to get into a 203k situation, as my initial search has come up almost empty for contractors in the area that would take on a 203k situation due to the red tape and delay payment.$40k is below the threshold for most places to issue a mortgage.

@Tim Wade what a beautiful place!  

I like the way it looks, but it requires a minimum moisture content in the air, which I don't have out here in the desert, so I've never installed it.I can't think of any reason a buyer would object to it, other than the obvious one that they have their heart set on red cherry floors (which is a problem with any and every flooring you use)I don't think bambeoo is any cheaper than other wood flooring, so you chose it because you like the way it looks.

You get 5 years to operate at a loss (no income tax) before the red flags start waving.

I told my instructor how I found a BEAUTIFUL Detroit home for $17,000 3 bed, 2 bath in a really nice neighborhood.

Hard money loans are easily accessed and cut through the red tape.

Now, I dont have neough money to outright buy them, and since most title companies dont allow people to use a double closing with the end investors money technique, I will utilize a service hat I found that will fund the "A-B" transaction so that the "B-C" transaction will work, for a small fee of course.Any advice or potential red flags??

Ah, the beauty of the world's largest bureaucracy flexing it's might to protect us against flies in February.How much above market are those Section 8 rent payments?

Married a beautiful Brazilian.  

Brian, Beautiful...OPM!!!