A few months ago, a thread here at BP caught my attention regarding quick easy and painless HELOC loans using rental properties as collateral available from PenFed Credit Union, often approved without even an appraisal. 

File Form 3115 instead since it doesn't require amending, you can file it at any time and you'll get your catch-up depreciation credited to your taxpayer account within 30 days.

Done properly, a rent to own deal can be a way for someone with credit troubles to buy a property. 

It can be treated like a maxed out credit card on your personal credit score if you pull out the max amount.

My credit and cash flow situation is pretty good but I am thinking of worst case scenarios. 

The borrower and the asset itself.Borrower:Your credit (are you a trustworthy borrower), are you capitalized enough to float this project/ cover the debt, track record (borrower/ contractors experience).Asset:Comps (as-is & ARV), LTV metrics (lender can help verify these if you have questions), detailed budget and scope of work, tentative schedule, exit strategy.Of course any lender/ partner will dive in a little deeper after the initial pitch but if you have all of the above ready for your initial conversation it will go a long way in getting deals approved/ partners on board.

Taylor Cochran keep in mind that if you are going to have a bunch of equity in the house after you purchase you could possibly tap some of that equity through a Home Equity Line of Credit.

The problem is that i have a poor credit score.

I have been told people are 4.5% at certain credit unions but have not found that.

There are a lot of third party services that will do credit and background checks for you.