I have an option to take over owner carried financing of the building  that the previous owner has set up with the owner before them.

For the purchase of the new property, you can consider a seller carry offer (balance of purchase price minus the down payment) or obtain a new mortgage on the commercial/resort. 

Yes, the interest rates are higher, but they are to be carried over a short term - 1 to 2 years max, and you'd be making interest only payments, which will allow to keep payments lower while the property starts making income for a refinance or gets sold as a flip. 

Drafted a plan, gathered estimates, created a budget, put together DTI sheets, even got an "as-built" appraisal, and also have it in a permit status at the Local Building and safety office.Then I started to look into the construction loan and the permanent financing....to do it myself, and not through a builder.I soon realized that there are sooo many companies out there that want to try to help...but cant  (some of them were even on this network of people):  don't have builds on record, won't allow for owner-built homes, my credit is less than 680, while carrying the construction loan, there may be a point at the end where because i have my rental house while building that it become hard to pay, and  I can't pull out a private loan to help start process because my credit cards balances are horrible...and my "business" has no show of income.So, now we are here in the present time....   

If you do it as a second home, you could do less, but then have to carry PMI.

The idea is not to get in touch with heirs, but to build relationship with probate attorneys that can refer heirs that in the process of inheriting a real property.In case they are not looking to get Realtors involved and carry holding cost, they can sell it quickly for cash to investors like myself. 

I sold 4 cheap rentals in Gulfport/Buloxi this past year because I got sick of the hurricanes and carrying insurance pretty much eliminated almost all cashflow. 

STR-zoned areas are available but are few, and most are condos which carry high monthly fees that significantly offset revenues.

.: Flying out of state to do the work and carried tools - guilty as charged!

You respond to reasonable repair requests in a timely manner and carry out your responsibilities with regards to maintenance and rules of tenancy.