They might not like the idea of you making money off their dead grandma.

You also will get the name of the decedent (that's the dead person) and in some states you may also get the address where the decedent died or last lived.

Our associates will price the needed material before negotiating with a contractor - that cost less his estimate less some labor is profit.Protect yourself:Don't give an up-front deposit - never - if they can't afford to buy materials for the job out of their pocket - you don't need to do business with them.Don't let the contract get ahead of you on draws - pay only after portions of the job is completed and inspected.Pay  attention to dead lines - a missed dead line could be an indication that he is on other jobs and yours is not so important anymore.Your contractor is NOT your friend - you have enough friends - KEEP it all about business and satisfying your needs FIRST.NEVER let a friend or relative be your contractor!!

Many of the comments were dead wrong and this just goes to show that when you say "I can't" you are turning your brain off, instead ask "how can I?"

Also what if tomorrow you get an offer to buy the house for $200K in the dead of winter, and he wants to jump right on it, but you being the smarter one, wants to wait till you get $210K, which you think you might get come Spring time. 

If you are not intending to raise the rents and do not already know by how much you have not done your research.The reason you do not want equity in a rental property is because investors value cash at a minimum 10% return meaning for every dollar of equity in the property it is either costing you 10% to lie dead or you are paying the 10% off the top of your rental income This will kill any return on the property itself.

Also I am looking for a really good contractor who keeps there dead lines I know things can run over but not always.

New Waverly is dead and the Huntsville rental market is over saturated.

They will run a credit check on you to make sure you are not a dead beat but the loan is based on the property value and net rental income (gross rents less expenses such as taxes, insurance, debt service, repairs and maintenance.

@Johanna Burian like @Wayne Brooks said the bank is pretty much a dead end.