When you talk about buying a 2-3 unit in Logan, are you referring to a traditional sale?  

It isn't likely that you will get a traditional lender to take a chance on you with scores and report info like that.Try to improve your credit score.

I have a great attorney who is experienced with many of the "no-traditional" realty transactions.

@Aaron Pfeffer you traditionally wouldn't want to hold it as a wholesaler because that is not their desire.

Traditional advice is to never buy and hold real property in an S-corp.

http://www.biggerpockets.com/flip-analysis Make sure you account for Realtor Fees, Closing costs, Taxes, Insurance, Utilities, and rehab costs.I'm in Denver so you'll have to check the expenses in Miami but if your example house above was in Denver, your 180k example will have roughly 18k in closing costs per traditional realtors and title companies and 2k in insurance and utilities depending on the length of the rehab.  

The traditional financing options typically require a 20-25% down payment on a multifamily even if you are living in it.

Why not form a series LLC in a jurisdiction with strong Series LLC laws like TX or NV, register that Series LLC to do business in your home state, and then form a home-state traditional LLC to be the "management" company?

The other option is to go to a business or community bank for their HELOC's on non owner properties but they usually dont like any foreclosure or BK records.2) this is a personal decision and up to your preferences just, buyer beware and vet our your partner well3) there are many options unless you get a seller who is willing to carry paper, commit to a land contract, lease option, or other form of contract for deed or take back a note for their title interests to control the property with out using an actual traditional or private/hard lending sourcesAs a comment aside, I've funded conventional financing deals if the foreclose was documented to be within/included inside the CH7 BK discharge papers.

Less traditional methods of acquiring leads could be an avenue.