There are a few more “big ticket” items that need to be considered (Minisplits & landscaping) but most of the major costs have already been accounted for on this property.We currently have a 30 year conventional mortgage with a 7.125% rate on a purchase price of $750k. 

I might be biased - though the easiest way to tell which option works best is to get a side-by-side comparison so you can see the overall costs, payments, etc. 

I'm self-employed and did not know if my business was going to be shut down due to the virus.

Hi @Alex Lee I would avoid 203K loan and work with conventional renovation loan based on knowing you'll be forced to use 203k certified contractors which will cost more money and offer inflated pricing because they must follow 203k guidelines. 

You're running a business and want to just make money.

Good suggestions above.I would research the labor cost of a total resanding and recoating. 

That being said, it can be the most satisfying and cash-flow-positive business around. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

Or like many small in businesses you raise cash from friends family and anyone else that knows loves and trusts you.The other thing I suggest is to make that $27,000 or $37000, or $50000 yourself over the next year. 

*I'm a property manager, not an owner, so I do have a 3rd account for business expenses as required here in Oregon.There are a plethora of software/apps out there for managing properties and funds.