Current tenants leaving when their lease expires (i.e. not renewing) is always a risk, but one that you may be able to address if you are allowed to talk to the current tenants. 

First propertySmall multi familyNeeding some renovation Wanting low-to-no money down  Third Question:  If hard money lending is a good option for this -- what are the draw backs and what should I be concerned about moving forward with a HM lender?

I'd be concerned about being the first few builders to bring a finished product to market since who's going to want to buy and live in a construction zone.

I don't think that they are because most of them do not even show the address.

During inspection noticed cracks in the driveways and after further investigating found roots causing the cracks and were going into foundation..My main concern was roots damaging pipes before having that issue I had tree removed.Honestly I have no idea how big are Cherry Trees and how are the roots.

However, you have to find a contractor willing to work with the program as they have to agree to NOT get paid until after the work is complete, and has been inspected by FHA.Lastly, I want to address something you said that needs clarifying. 

Tony Marcelle Absentee really just means that the owner has a different address than the property tax records.

The comps concern me as you are probably buying at or a bit above market value, but $400 / mo cashflow for a triplex is nice in this market and is hard to come by. 

Send me the address

@Brandon Sturgill Concerning the the Virginia state regulations I believe to be a licensed broker you have to work as an agent for 3 years, but I am unsure if the degree in Real Estate would negate that.