Womp wompIf $4000 is 3 years cash flow this is probably not a good deal.I have a minimum cash flow requirement of about $4000/year due to the cost of things like roof, HVAC, vacancy, painting etc.Have you penciled the deal out to make sure it makes sense?

It is feasible, but needless to say, it is going to require a lot of constant grind. 

I must be weird in that, even if a MLO's focus is going to be on investor deals, I still require the license. 

The owner is asking $55,000, but it requires substantial renovations.

Some have no limitations, some have owner live in requirements, some allow a percentage of properties to be rented it out.

No one here is going to be able to give you a straight answer.In terms of finding good materials at good prices, there are generally areas off the beaten path where contractors go, but it might require a wholesale license.

I would look into a DSCR loan option it will require 15-25% down depending on the lender but it's based off the asset and if it debt services rather than based off the individual. 

After the 2008-2010 recession, FHA made changes to their MI requirements that made MI permanent on their 30 year fixed rate loans.  

DIY has its advantages.Does Whitesboro not require permitting yet?

Note that if your property is in a flood plain, banks will require flood insurance during the entire term of any loan on the property, which can be pricey.