The tenant already knows their problems.It appears you are approaching this from the applicants view point and they don't have any skin in the game.

Not saying that's you, just giving you some perspective as to why you may have difficulty getting someone to take you up on the offer.

They are all going to look at the deal via DSCR among other things, the borrower via FPS they are also going to want the borrower to have some skin in the game as well. 

Are you getting yourself some skin in the game on the boom?

You are always going to have a LOT of difficulty with financing the up front or on the back end with a refi on a $35K property. 

I currently live in Laguna Niguel Ca, and having difficulty finding local properties that will work/cashflow. 

I'm looking to make my first real estate purchase this year, despite being a "new investor", as a means of learning as quickly as I can by getting my hands dirty and having skin in the game.

The key is do you have skin to put in the game, otherwise it will be tougher to find a deal to get into. 2nd)  do you have car payments that is eating up your income? 

I recently opened a HELOC on my house with same goal as you and am also trying to learn the best way to use it.The HELOC basically allows you to buy very quickly just like cash...so if good deals come up, you have an advantage to get a good cash price and close quick.... then you get a conventional loan for long term financing, but you still have to have 20-25% of "skin" in the deal.You will only get your 20-25% back if you find a great deal or add value to the property and get it appraised for more $$, so you can pull enough cash back out to pay off the HELOC completelyIf you cant do that, you will have basically financed the entire thing...80% conventional and 20% balance in your HELOC that you used as your "cash" down payment

While I could communicate with some difficulty I found they were not the original tenants.