On top of that there was an $8,000 tax credit, as an incentive since people weren’t buying.  

In the meantime, focus on building your credit, saving for a down payment, and soaking up as much knowledge as you can.

For me, I am a little hesitant because I would be in a situation where I would be trying to secure traditional lending (which should be very feasible given credit scores & what $$ amount I am pre-approved up to from my banks), meaning that I assume I would be forced into using my first-time homebuyer loan incentives.

@Vinny Muli - it is VERY hard but not impossible to get an equity line of credit on a non owner occupied property. 

Given your financial constraints and the property's ineligibility for historic tax credits, this approach allows for reinvestment into assets more aligned with retirement account rules.For future real estate investments, you don't need an LLC for tax reasons.

There's a decent chance that if you have good credit and improve your DTI over the next year, you can put a Heloc on the property while it's still your primary to unlock some of that equity if needed.

I read an artcile in The Economist not too long ago that mentioned how smaller towns like Jasper can offer stable rental demand if you play your cards right...

You do need to have steady employment, decent credit, and not be drowning in debt.

I consulted with a real estate lawyer a few times this year who said it's very hard to sue for negligence and they advised against taking legal action, especially since the property manager at least followed through on the eviction and repairs.I've now asked the property management company to apply a $4k credit for all the challenges I've had working with them.

referral=UZXgWmHappy to help review settings or share unused property assessment credits if needed!