This question is pretty important right now since PPP only loans based of schedule c. 

You will improve the property, and he gets a 1-time benefit for that -- based on what valuation? 

Find an entry level job at a company that builds, rehabs, syndicates, or does multifamily loans to get free access.

The lease (with the current college students) was just renewed through their 2025 school year.I'm trying to figure out how to make this happen with little-to-no money down, as I have other 'irons in the fire' at the moment.I'm planning to offer $400-450k for the home, and am trying to structure something where a conventional lender would loan an amount that would be covered by the current rental rate (lets just say $300-350k)...   ...then, anything outside of that amount, would be carried by the Seller (for a short while)...   ...Seller financed with a ballon in 5-years?  

Could definitely improve my “team.”  

Hi Ayyoub Research is the key, Conduct thorough market research to understand why the competing property is listed at a lower rent, Consider any improvements or upgrades that could enhance the appeal of your property to potential tenants, If you're unable to match the lower rental rate of the competing property, consider other incentives to attract tenants, such as offering a shorter lease term, including utilities in the rent, or providing additional amenities.Hope it helps.

But most contractors want all the work and cost a ton of money which we don’t have since I’m using a construction advance loan. 

If the bank has taken the property as REO, then all the loans would have been forgiven, correct? 

I bought my first home using the VA loan for 0% down.

Examples - owner occupied loans for house hackers, specific market knowledge (ie - friend of mine that ice fishes and bought a short term rental cabin in an ice fishing spot that you and I would never know of), ability to do renovation on your own or cheap, contacts with local companies or organizations that would be a tenant source for mid term rentals, ways to source off market deals, etc.Whatever it is, figure that out and get started.