If my goal is to continue investing in real estate and consider refinancing when mortgage rates become lower, would Option 3 be the most suitable choice for my circumstances?

Family life circumstances have changed and I will be moving in the next few months into a rent free situation short term.

Acquire a profound comprehension of navigating economic downturns and unforeseen circumstances, and uncover efficient tactics for adjusting rental pricing to triumph over the trials of a volatile market.

Property was neglected but not overly abused.

I understand there are different circumstances that can determine if this is a good decision or not but I was wanting to hear some of your opinions on property management.

I feel like there are deals to be had all over because driving through neighborhoods there are neglected properties everywhere but they are not on MLS.

A 2 BR or 3 BR townhouse condo in the same complex easily costs 3x - 5x as much to rehab if it has been neglected since the 1960s, while only drawing 1.5 - 1.8 the rent.The purchase price for the latest unit is $18,000, and closing costs including reimbursement of pre-paid property taxes will bring the total to $18,700.  

It's going to be older/neglected real estate, so the sellers will generally go along with it if it helps get the house sold.Example:Identified a below-grade un-permitted basement bathroom with a jenky pump lifting the toilet waist up to ground level and into the sewer system that was all sorts of a hot mess, no way anything about that bathroom is up to code. 

Any advice or if anyone knows of a mortgage lender or private lender that would lend to someone under my circumstances id be glad to discuss, thanks.

I would prefer to flip it but it may be my first rental property depending on the circumstances.