I had a similar situation; after calling most major banks/lenders, and getting "no actuary will every approve that," I was able to work it out with a local Credit Union. 

We thought about using credit cards to fund the renovations but don’t want to risk damaging our credit score to do so.

Flipping: I have seen my sister do a few (strictly part time/diy), but I want to fast track it using the best methods and avoiding pitfalls. 

Flipping houses and owning rentals are only similar in the sense that the underlying asset is property -- beyond that, they are completely different strategies that fulfill completely different investment needs.Every investment strategy requires you put in some combination of the following:- Time- Cash/Credit- ExpertiseAnd every investment strategy generates some combination of the following:- Profits- Cash Flow- Tax BenefitsWithout knowing what you have to put in and what you're looking to get out, there is no way anyone can recommend a particular path.

@Jeff Whelan Yeah it seems @Christopher Phillips didn't understand that you're talking about a house you've taken over the payments on.I'm not sure about lenders in the US but here in Canada if the seller shows them the lease they will only credit 50-75% of the income toward their income for the purpose of DTI calculation.That's probably the best your seller is going to get if you've taken this property over on a lease option.

He makes very little, and I don't really need to worry about his credit, because his brother / roommate makes enough to cover the rent.

I go through applications as they are received and they pay smartmove for the credit/background.

Father's removal will be a gift to daughter for federal tax purposes and a gift-tax return will need to be filed, and unused lifetime credit will be reduced, or, if already all used, gift tax must be paid. 

sound like your on the right track putting the team together so you don't get burned on buying wrong.

Does this include credit unions?