I think the rationale for purchasing the cheapest stuff possible is that in this area, it is likely that the tenants you are able to get will destroy anything, so anything more expensive than the cheapest option available, is just throwing money away.  

The worst that can happen is that it does not go well and you had a good learning experience, and you wont make the same mistakes again on the second deal.

Here in Maryland there are a lots of areas where a cash offer wont make a difference because they can just wait for someone coming with a mortgage that can pay a higher price. 

Wont be the lowest rates but should still get pretty decent rates probably around 3 depending on points.Also nothing wrong with getting 3 quotes at once. 

If you lack the means to purchase the property, you won't be able to and being on the deed wont help you in any way.

Not only did Mya  Davenport destroy the home but Stoled my garage door and refrigerator.  

Get with the times or be destroyed by people like me that leverage intelligence, technology and data to get ahead in this game!

After reading your comments, I have a few more questions:I've been weary of hard money lenders as their interest rates destroy a properties cash flow, at least that's what my CF models illustrate.

That wouldn't be okay.On the other hand, if the prior landlord told you the applicant was a nightmare tenant because they had loud/disruptive parties, destroyed the property, and paid rent late every month (or not at all). 

Turning around an area isn't impossible but those in that area have to be onboard & if not what I build they'll destroy.