E.g. if this is in a quickly gentrifying neighborhood and your personal financial situation allows it, you could take a risk and underwrite it at a level where you are just-about breaking even with your mortgage +  operating expenses. 

Text messages, while perhaps not legally binding, may indicate intent and agreement if it gets to court.

I am ready to build my own financial freedom and am focusing on multifamily properties with value add potential.  

I don't want to haul that around with me that's for sure.How can I use my location independence to accelerate my journey to financial independence?

I heard that the first property is the hardest and then it gets easier, but financially I don't see any advantages to having 1 property already in this situation. 

Sounds like you are starting your journey to FI (financial independence)!

The BP forums, podcasts, books, and meetups have helped me gain a better understanding of how I want to use real estate to gain passive income and eventually financial freedom.

This can be plaintiff or defendant in business disputes (partnership breakups), consumer DTPA claims, breach of contract, specific performance, probate (title issues), adverse possession/trespass to try title (quiet title actions for breaks in the chain of title), or suit for declaratory judgement (interpreting a contract or boundary).I am admitted to all TX state courts, and the Federal District Court for the Southern District of Texas. 

Any lenders or companies who would work with me if i have a rented property but no financial history.

My goal in the next year is to move from single families to the multi-family space, and then quickly to the commercial apartment space.If you're willing to chat, meetup for a drink, or let me know about other meetups in the area (San Francisco/East Bay), then hopefully we can meet and exchange information, build partnerships/friendships, and build towards our financial freedom.Cheers.