There is the traditional wholesale deal where you buy it considerably under market value and sell it to a rehabber or a landlord. 

You go through 3 months of grueling paperwork back-and-forth with the bank only to find out they won't finance the loan because you don't have traditional W-2 income.  

Please dont listen to the terrible advice that you cannot get "rid of MI," with less than 20% that is a just plain false.MI or mortgage insurance can be paid in many ways:- most common - monthly premium - this is that traditional monthly MI payment that is added each month on top of your mortgage payment taxes and insurance that is due.

That's why it is hard to find good deals with traditional financing.  

If you are going to look into any sort of traditional financing, you will have a difficult time with comps, as the zip code 19134 has a wide variety of neighborhoods.

The problem with not having actual cash in the bank, is most traditional lenders will lead you down the rosy path. 

Finance construction, convert to permanent financing with a traditional 20% down using the equity gained during construction.  

@Manny G.you are negotiating with the seller wrong, and don't feel bad, most people do on terms dealsMost people show the benefits of the lease optionI don't do thatI draw three columns on a piece of legal paper The first column says "selling traditionally with the real estate agent"The second column says "hiring a property manager"The third column says "selling creatively on terms in the state of Louisiana"First column I go over the "costs to sell" with an agent, 6% commission, 2% closing costs, 2% negotiation wiggle room to compete with all the other homes, and sellers concessions that can be 3 to 6%.And I do the math, sellers netting anywhere from 85 to 90% of appraisal.Then I go through hiring a property manager, paying 8 to 10% of collected rent, and dealing with the risks of a bad tenantLastly I go over either lease to own or subject to or wraparound mortgageBut I don't teach the seller how these workYou'll be there all day teaching the seller the inns and outs of contractsThere's five steps in the negotiation of a terms dealOne build rapport with the sellerTwo negotiate an upfront agreement, which means you let them know that at the end of the conversation they can say no if they're not happy with it or yes they are and you can say the same thing, so were either going to get something on paper today or were going to say no it's not a good idea.

The investors I work with typically use traditional financing and are looking to releverage equity via a 1031 exchange while rates are low, putting enough money down to break even, and then rinse and repeat.  

We meet all kinds of people along the way.I would put this in the lesson learned category, and I would let the realtor know about the shadiness...and I would do something else, which is non-traditional and it may not belong here in Bigger Pocket, but I am going to speak on it.