somewhere is that there are lenders of some sort (not the usual big banks) that are willing to lend a little more creatively as in larger down payments or higher interest rates. 

Go to larger multi-families or commercial properties, perhaps investing passively in syndications to get your feet wet, then decide later if you want to start doing your own deals.

You can pick neighborhoods with $7,000 houses that are all torn up and then renovated to sell for around $30,000 or so but note that you'll end up with a different quality of tenant than if you picked a neighborhood with houses priced at $75,000.

It is a choice to take money from someone knowing that the property may never be renovated and most likely never actually offered for rent. 

Usually, properties under 50K require significant rehab and a larger loan.

I've done some renovations to homes in the past, but don't feel comfortable running a flip.

If not, you likely won't be using much water while rehabbing or renovating (couple hundred max for a few months??). 

Can acquire with the line, renovate, rent, and then bundle several into one aggregate loan.

Help see if we should go ahead with this triplex opportunity. 3bed/3 bath 1450 square feet.Currently in due diligence with asking price of $70,000 w/ estimated rehab costs of $80,000 including:-Asbestos Abatement-Paint-New Appliances for Kitchen and Showers-New Boiler/Venting system-Plumbing and Electrical -Header in the basement-New Windows-New Roof-Tree RemovalRents in this area for the single units (400 sq ft) = $700 and one larger unit (800 sq ft) = $900, total = $2300.  

Help see if we should go ahead with this triplex opportunity. 3bed/3 bath 1450 square feet.Currently in due diligence with asking price of $70,000 w/ estimated rehab costs of $80,000 including:-Asbestos Abatement-Paint-New Appliances for Kitchen and Showers-New Boiler/Venting system-Plumbing and Electrical -Header in the basement-New Windows-New Roof-Tree RemovalRents in this area for the single units (400 sq ft) = $700 and one larger unit (800 sq ft) = $900, total = $2300.