Are there other products we should be considering?

You can get a pre-Aprovel from a Bank or a Lender the difference is the Bank offers only there own products and most lenders work together with multiple banks and other lenders so you can shop around for the best condition.

A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.Discounts on some products and services are offered to BP members: https://www.biggerpockets.com/perks/proIf you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/blog/The site has quite a few tools that can be helpful for new members.

@Keith Jefferson yes this looks like a cookie cutter local bank product.

I think if you are looking to use an FHA product you will ultimately be unsuccessful because FHA doesn't really work for 99% of wholesale deals.

If you get  a cold belt area that is weak suburban to rural with population declining and net migration moving to warm belt states then those properties could sit vacant for years.

Mortgage rates continue to decline while applications are actually 9% higher than this time last year.

Since these types of mortgages are not backed by the government like Fannie/Freddie conventional products they rely on secondary market buyers on Wall St. for liquidity.

Unless you have terrible credit or other financial hardships, I would strongly recommend you explore what low-down payment conventional products the local banks and CUs offer.

We had originally stated that we were planning to have them go month to month after two years of yearly leases, but they declined and wanted to stay with the original lease style (per the wife).