You have to buy Stream Mitigation credits if you build a pond in a stream way. 

Credit reporting is a no-brainer, and Baselane is excellent for releasing it!

I would use the income to slowly improve the house and once you get it to a good spot, HELOC out some money for a down payment on another place rinse and repeat. 

The cash flow improves quickly, but the cash flow is so negative on retail purchases that it will take years to reach cash neutral.  

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

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.

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

Several options you can explore to get the down payment capital: Solo401k; HELOC on personal residence or from equity of the SFR; Cash Value Life Insurance Policy; Business Credit; Private Lenders, to name a few.

I've reached out to the gentleman that owns the large PM group in the area to see if he knows of any smaller PM that I can connect with and I also messaged my credit union to find out what my best options would be.

So the seller cannot go get another loan for a car, house, apartment, etc. so it damages their credit by stretching them too thin.Am I missing something?