Hopefully, I would increase the value of the property in 1-2 years and be able to refi out of the FHA mortgage.

If you truly don’t believe the property will appreciate and that rents will increase faster than expenses you should NEVER buy that property.

Louis Fed shows the delinquency rate on residential single-family mortgages, and proves there's a way to spin this data to show that delinquencies are increasing rapidly.

This is NOT Business Credit.By establishing a separate corporate credit profile on the EIN Number (separate from the business owner's SSN/FICO), investors can access substantial business credit lines, capital for property acquisitions, and renovation funds without personally guaranteeing the debt.This approach creates a powerful financial firewall between personal and business assets while potentially generating a significantly larger (ROI) through reduced interest rates, increased borrowing capacity, and the ability to scale investments more rapidly.The education gap surrounding EIN corporate credit means savvy investors who understand and implement this strategy can gain a significant competitive advantage.

That being said, there's no way your tenant will be happy with the increase so you may take that into consideration.

From your options, #1 is a big sink of cash and I can't tell how much that increases you rent. #2 is a no due to cash flow negative. #3 is the way to go.

Some grow too fast and discover they've built a full-time job for themselves.Growth can also include improving cash flow, increasing property value, or optimizing operations.

Are you planning to hold as-is and focus on cash flow, or do you have a strategy for infill, increasing rents, or improving park infrastructure to boost value?

You do both, you increase your income, and in Commercial that forces the value of the property up.E. 

You can also double hack these if you have enough units and live in one unit and use one unit for your business, but of course that decreases your cash flow but increases your usability.You can also use an FHA loan to get a mixed-use property with only 3.5% down if the residential square footage if more than 50% of the total square footage.