Fannie/Freddie (Conventional) loans aren't just about rate and transfer taxes. 

Welcome @La Toya Flowers Butler ! 

THe lender is a credit union and it is a conventional low rate loan.

If you had good credit (670-730 range), you have 20% to make a down payment, and sufficient income to qualify for the home you want to purchase - Would you choose the FIRST-TIME HOME BUYER or CONVENTIONAL purchase option...which would you pick and WHY?

Fix it.We eliminate as much landscaping as possible: we take out flower beds and most decorative features, ideally, lawn mowing is the only job tenants have to do, because we know that's all we can expect from most.

Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?

Exterior UpdatesScope of Work:Repaint exterior for modern curb appealRefresh landscaping (mulch, shrubs, and flower beds)Power wash driveway and sidewalksReplace front door and update hardwareEstimated Cost: $12,0007.

We have had duplexes with shared water, sewer, and trash billing, as well as shared driveways.The long term tenants act more like owner occupants, planting flowers, etc. and in some cases neighbors think that they are the owners. 

Quote from @Paola Astrid: Should I refi to dscr or conventional to remove pmi?

Have a garden for food or flowers.