Scared to take action because lack of knowledge lack of community support and friends... 

My main concern is the limited cash I have available for the down payment and renovation costs.

And a cashed check and deposit into your account.   

I have quite a bit of cash in my high yields savings and about 300k in my 401k/IRA portfolio (how much is actually mine vs IRS after management fees I have no idea.)  

I also use the system from this book to manage cash and find it very useful.https://a.co/d/1tnzkhy

I recommend this book which is amount how to manage your cash.

---So, insist on them providing the rental application and supporting docs for your review.

In the industry this is most commonly known as a "Fix and Flip" Loan.We are correspondents with dozens of lenders who offer this type of loan.Most commonly, the loan will cap out at 75% of the ARV (But Investors do need cash, this is not a 100% financed transaction)75% has to include the purchase price and the rahab amount requested.The terms can vary greatly.The two most important areas that will impact the terms the most is 1.

People need to eat and pay rent. some support job or programming job really going to "commoditization" mode.

Purchase price: $115,000 Cash invested: $35,000 Sale price: $240,000 Move in ready, fully renovated townhouse, 2 bedrooms with 2 1/2 bathrooms and ample closet space including walk-in closets in each master bedroom.