You have chosen a very challenging area. 

Another aspect is the availability of fractional financing under conventional loan guidelines, a TIC owner may sell and finance their interests as a conventional residence, like a condo loan, staying out of commercial lending requirements.Unlike other joint tenancy forms of ownership, a TIC owner may leave their estate to chosen beneficiaries instead of other owners.

It was built by Habitat for Humanity about 12 years ago. 

You are only having a conversation with the other person - a human being.

The reason for this is that as an experienced investor we understand how pricing works and we have our scope of work, materials chosen, and all other decisions made before we start the project.

I've addressed the challenges of wholesaling REOs before, but it bears repeating.One issue you may encounter is that the title company the REO asset manager has chosen may not allow same day back to back closings using Transactional Funding.

Incredibly difficult to get off 0 as well, and the only way I did it was to finally convince my bank after a year to give me a loan purely to take me off 0 and even then it took a human underwriter to step in.

It's just human nature.

@Graham Parham,It should be noted that the "owners" of an LLC do NOT have to be human persons.

I do not expect to gut the home which is why I'm estimating 23k (includes landscaping), but you never know with a home built in 1910 ;-) It will be a rental so most of the finishes will be pre-love/salvage/Habitat for Humanity store.We plan to get bids for the work outside his scope after I get the house under contract.