@Andrew Postell thanks for the advice I'm aware of the Brrrrr method but my question is just starting out how are you able to secure a loan with the funds to rehab at such low cash down?

I'm securing the loan and he is helping with the down payment.

With the transfer, they are now withholding the Tenant's Security Deposit and will not released it to the New Property Management Company.

When does the security deposit need to be returned?  

And also I had moved out within the apartment complex last year and they took up-to 4 months to give me back my security deposit of $600. 

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You need to secure that person to that property though via contract or something, because within the spirit of the requirements, the moment they want to move out before the year is up, occupancy is broken, and they still are participating as an owner at that point.

I don’t know if this is the smartest move but I want to feel secure in the short term as well as the long term.

Job security is kind of a myth if you ask me - it's only as secure as tomorrow's corporate financial report!  

For those who do not meet these requirement, automatic double security deposit and/or a rock solid cosigner who lives locally, owns their home, and has squeaky clean credit.