A few brokers in my office have tried but the red tape and time intensity has either killed the deal (seller got fed up after 90 days of escrow) or the property did not qualify. 

Quote from @Dav Pohote: Quote from @Alex Hunt: Commercial loans are much more lenient than conventional and a lot less red tape. 

Alternatively, you COULD also refinance and use the equity to purchase something with more cashflow which would allow the deal to 'pencil' without leaving you in the red every month/year. 

I hope that there's enough meat on the bone for you in the deal when the 2 years is up after all of your carrying costs. 

I'm actually in town until Thursday.At the very least, attend the Red Stick REIA meetup tomorrow night and see if you can find someone there with some experience who would be willing to help.

The first red flag was the bankruptcy.

So things that are a red flag for me may be fine for someone who's more aggressive.

The lender will qualify you (there's a rather 'red flags list' that is used) - as well as have you sign all the occupancy declarations - that pertain to the financing prior to closing.

For instance, moving from Red Florida to Blue Detroit might get you slightly better returns for a while, but what about in a few years?

Also, if you are relying on the information someone shared with you to arrive at the conclusion presented in your first forum that’s a red flag.