They have great programs, but a lot of hoops to jump through.Have you finished the process asking your local credit union (who you presumably already have a relationship with)?

VA loan with NO DP, but picked some upgraded finishes and appliances from the builder.

I’m working a number of these in Atlanta  and a few others across various states.My plan with a few are to finish up the rehabs (we have already gained access to the property) and sell out right.

I would love to see the work you guys did and the finish product!

Try to avoid throwing everything away.The resident can collect monthly payments until the property is purchased in full by the GNA, or can cash out and a traditional loan will be sought for GNA to finish the purchase.If there is an “owner carry” deal currently established, then subtract the remaining rehab costs as a principal payment.If the GNA is simply purchasing the property, then it needs to fall into “70% rule”.Purchase price = 70%ARV - Est rehabThis option typically leaves less money for the original homeowner, when compared to the “owner carry” structure.Allow for equity transfer to other properties in the GNA portfolio.This option might allow for the lowest cost to process everything,Bring every aspect of the property up to common standards.

In February I drove to the library grabbed 12 books on real estate, finished them within 2.5 weeks and felt that I was back in the game, starting point - grid (0;0).

I recently just finished Multifamily Millions by David Lindahl and felt like that would be the perfect niche for me!

Based on the loan history, I'm guessing the owner overspend years ago and rebuilt the whole house (around 2011), their loan is still at around $500K-ish, the current asking price is $525K, but the market value is most likely under $500K.This is a two, 3-bedroom 1-bath, units building, finished basement but a bit short so I'm not sure if it can ben turned into a 3rd unit, 2 car garage, close to a decent school and shopping, very nice neighborhood. 

When it comes time to remodel, finishings shouldn't be too big of an expense, being built around 1997, so cosmetic updates will likely be a constant that you will be able to account for with each condo.

Also, if you buy new construction townhomes, many builders are offering some really good incentives right now to cover closing costs, upgraded finishes etc, plus you get a warranty on the unit.