If you can save up 20% down in a low-cost market like Cleveland, you could use a DSCR loan to secure financing while you still don't have any stable income. 

Refi the house so they can continue to live in it, they will get the best loans on their primary residence.

With the proceeds we later purchased two properties the same month, one with FHA loan 5% down and received a closing credit of $8k plus a $2k check made out to us after closing.

Fannie/Freddie (Conventional) loans aren't just about rate and transfer taxes. 

You've got to include loan pay down, appreciation, and depreciation in your return calculations.The point of cash flow is to keep you safe.

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

Is the loan assumable? 

Kieran, the best bet here is to refinance with a DSCR loan.

@James JeffersonHi James,To buy out the property you need to probably apply for a loan through any lender.  

You are going to want to find some good wholesalers in your area that can help you find distressed properties, or network/cold call some home/duplex owners in your area to see if you can find a discounted distressed properties, use the heloc to get hard money loan.