Always, always, always do a credit check, and look at the report not just the score.

then u would have to refinance it into your own name/loan.or you could OPM by getting a loan from a rich person straight upfor an FHA loan-  if you have usually above a 620+ credit score, they will calculate your income based on the last 2-3 years of your W2s to see if you make enough to afford it.  

. , no, you aren't going to get an incredible amount of cash flow on this investment, probably more like 10% on your money at best.

I paid a little $175k for the location, but my mortgage is $1300(FHA 5% down- and I used a Cincinnati Port Authority Grant that paid all of my downpayment, all I needed was closing costs $3800- requires credit score of 680+ i believe and there are income barriers, but if you fit into that criteria, check it out-I used NRL Lending) and the 2nd Unit(4-2) rents for $1500, and my unit rents for $800 when I find my next house hack... so there are deals to be had.

If your plan to improve your credit score involves finding new ways to get into debt, I would avoid that altogether. 

My credit score is 815 and I have six figures in emergency savings.

This way you have documented the event.There is an incredible story by Will Barnard who speaks of his 5-6 year experience when he purchased subject-to from an owner who had apparently had a relationship with someone who also lived in the property. 

Maybe you are skilled at marketing, so you can find desperate sellers and negotiate incredible off market deals.

@Erik that was incredibly helpful, thank you.

I do question your  $147k repair budget as I live in one of the highest cost of living areas in the country and it would be incredibly hard for me to spend that amount on a high end renovation on a large property.