Sometimes they're distressed and looking to move quickly, and a 203k can take up to 3 months to close. 15k is pretty light, and with that you'd qualify for a 203k streamline loan, which is a lot easier to deal with at least from a paperwork perspective.

The full version has more paperwork and a more complicated process. 

Essentially a GC is a project manager, so if you are capable of pulling it off, I see no reason you would need one.

Hey Adam,My quick take is that the basement rental is going to be essentially non-conforming. 

This is what I was told by a RE Attorney when I asked about them drafting up the paperwork for it.The only thing I want to warn you about is that every lease option that I have seen go to court as an eviction, where the tenant/buyer showed up and fought it, the local magistrates have always kicked it up to circuit court if they find out that there is a purchase agreement or option to buy in place.

Normally the house should be deemed smoke and pest free to some level in the lease or paperwork in signing.

The little regional banks and credit unions will always lag a bit -- it would not surprise me at all if that 95% c/o product went away 2-3 weeks ago, but the "non-essential" website update people have not updated it yet. 

If you are living in the same area where you plan to invest a turnkey property then you can go through the process of looking for properties, finding contractors, designs, do paper works, etc. 

They can be there only for paperwork.

If they all are not of much value, I would not spend much time on that but would start the process to evict ASAP and when the courts open back up, you have a jump start on paperwork and filings.