I have found that people will tend to handle rent raises better when they see that it directly correlates with improved service or product.

I would make it a goal to walk out of that meeting knowing that you were pre-approved for an amount and also the type of loan programs available to you once you make a decision to acquire a property.

how can I acquire the funds to rehab the property because I don't know if I can refinance with a property that needs work  now my contract for deed is assignable but since the property needs work I can't ask enough to cover the originals seller  total balance. what can I do here?

Acquire the financials from the seller.

Do you hope to acquire additional rental properties in the future?

It is not the easiest to buy a property with an FHA product in a very competitive market.

You need to analyze market rents of similar product with and without and do the ROI calculations.

Since you're only 16 with limited income and capital, traditional lending methods are out of the question to acquire property. 

The single family rental product has to be tailored to long term tenancy or they are losers.The rest of my expenses are carefully underwritten and basically match my pro-forma. 

I recently acquired a decent size Flex Asset in the PHX market, we are in the last phase of leasing it up, and have quite a few requests from investors to get in on the deal.