The trials you face—long nights, tough negotiations, setbacks—will all be worth it for the wealth and freedom you can create.

What are the next steps---BRRR seems like a good method for this- as theres potential for long term renters(near elementary and highschool)Step 1- look for a hard money loan(will they also cover construction?

If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

Fortunately I stopped borrowing on bridge debt a very long time ago so I've managed to avoid some of the distress you are seeing today as these bridge loans are maturing. 

At some point I'd like to begin a long career in REI and would like to have met some people already that can share in that endeavor.Looking forward to meeting everyone!

@Rob Tara How long will the $1MM (you sound like a former bank with "MM") in rehab take to complete, a year?

As long as he is making his payments according to our contract, he remains legally responsible.

With both programs you can buy 1-4 units as long as you occupy 1 of the units. 

As for your Index funds, if you were trading indices such as SPX, you would have the favorable tax treatment accorded to §1256 Contacts:  60% of gains are Long Term Capital Gains, and 40% are Short Term capital gains.

Although I've considered a future line of credit against the property as my best long term option, I would need to pay down the remaining balance first.