An identical floor plan & SF, 2 BR condo can vary $50k where I live depending on the upgrades (original or upgraded kitchen, baths, floors?)

You are therefore taking on all the risk, and relying that the rehabbers are going to do what they say they are going to do with the quality you expected and in the time frame expected.  

Keep in mind, this is just an example and will vary depending on the actual numbers you work with, but carrying the financing and keeping that tenant in there with a lease option would be a great exit.

If you rely on the internet sites of these companies for information, you will be led down a dubious path.

(yes, I know this may vary by city, but I'm looking for basic advice to get started)Looking at a property that is currently listed as a single family home. 

The costs vary depending on the company.

This all depends on the lender and varies. 

You'll need to call a decent number though as all their seasoning requirements will vary

The more information i have at my fingertips, the more I seem to rely on agents!

He may be able to do what is known as an installment sale on a land contract - this is where the transfer of the deed is made upon the last payment so you're only paying the tax as the seller collects the money (as opposed to all at once).This strategy varies from state to to state so it's best to check with a local Real Estate attorney.