Also, if you are in a seasonal market (I am, with our huge season being April-August as this is a university town), you might have to price according to the season. 

A typical mortgage loan (20%-30% down, low interest, and 30-yr note) is available to those houses which are habitable.

If you're getting $900/month that's really good rent; it's basically low end for a 3/1.However, $65,000 is a better price for a 3/1 completely rehabbed.  

Rome wasn't built in a day, it takes a season to produce a crop ... insert cliche here.

The chances are very low without the bond, also most contractor's bonds cover negligence and fraud, the "performance" part usually falls under negligence aka leaving a project unfinished, charging too much, etc.

Multifamily properties can be utilized to provide low income housing or student housing among others. 

How difficult is it to find quality tenants (i know they will be low income typically and have some issues but hopefully you know what i mean) and how long are properties vacant typically?

Does that make the money "seasoned"?

I am asking how an experienced investor would follow up because I do not believe this property can be put under contract for a wholesale.Unfortunately I do not have the funds to fund myself a deal due to low income and putting any savings I had into starting this journey (possible mistake).

Most East Side areas are no worse than B-grade, while you can go as low as D-grade on the other side of town, so be careful.As for Westwood, there is no shortage of properties to acquire here.