What is your DTI -debt to income ratio, credit score, and LTV right now? 

And I would advise incorporating a liquidated damages clause which sits alongside this progress schedule.

The prospective tenant says his credit is not good due to a divorce and would like to show it to me using credit karma rather then me doing a hard inquiry.. he also asked instead of doing 1st last and security to just doing 1st and last.

This is because Texas requires landlords to take reasonable steps to keep their losses to a minimum—or to “mitigate damages” in legal terms. 

Lots of time spent showing properties for rent, processing applications- running credit checks and verifying employment, We are not on call 24/7, but if ther is an emergency, the tenants have a number to call which is our local plumbing and water remediation Company. 

2) You mentioned the property is old ... could it be eligible for historic tax credits?

Do not expect to get bank and credit union favorable rates and terms, it will not happen with Hard Money loans.I wish you the best and if you have any questions or concerns just contact me.  

We are using a HELOC for the purchase and I am skulking around for decent 0% interest credit cards that still have rewards. 

I have strong personal credit but right now our cash is not adequate to use a large down payment to try and possibly offset lack of credit within an LLC or corporation.

It is better to do a deal than skip one just because the dollar amount for financing is high.Good luck in your search and know that if the numbers make sense, you have made the right choice.ya know I would have agreed with this pre 08  but these days most HML want good credit  and proof of cash reserves and cash down.. for inexperienced first time type buyers they may not even do one.. unless you have massive down and cash backing you up.. it gets very easy when your have a nice track record.. but most HML are not little down crappy credit no provable income.