It would be up to your investors as far as your skin in the game, but if you are covering rehab costs, that may suffice. 

If they are primarily college students then you might have more difficulty getting none-students to rent. 

There is always more than one way to skin a cat, this is just my take. 

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.