This was all verbal agreement and agent did not hold up her end of the deal.

And purchasing in a high end college town eliminates any "deals".

- Should I use my own capital up front or try to partner with an established land flipping business to fund the deals? 

Landlords always think the worst (and it can be true), but sometimes people go to the hospital, die, or have things to deal with.What has your relationship been like to-date?

Deal, no Deal!?

Some are forgivable at a rate of 20% per year and after 5 years they dont have to worry...Others take 15 or 20 years before it becomes 100% forgivable.Some are not forgivable at all...With this deal I would be less concerned with equity that exists and more concerned with the amount of that equity can the "Moderate To Low Income" of a Habitat Homeowner support in loan format.I am almost certain that its possible but your going to want to know the terms of the DPA/ Grant so you're aware of the actual cost and you have to see what the DTI looks like to see if it will fit what theyre looking for.

Go do a deal.  

Ask the manager to explain their process for dealing with maintenance, late rent, evictions, turnover, etc.

Hey Chris, I am currently working towards putting a couple deals like this together up north.

This allowed me to quickly decide on deals and I actually bought one halfway through the course.