When you buy with an assumable loan (all FHA, VA and USDA loans are assumable) you will buy with 2%-5% interest rate that will give you a much better chance to profit when it becomes a rental once you move to the next one! 

And chances are even smaller where you are scrapping from the leftover garbage to find a good deal. 

Your chances of wholesaling it are probably low as there would be moving expenses to relocate it etc.

This gives us a chance to look for damage and to check for things like sinks under faucets, toilets that run, loose cabinet doors etc.

If a co-singer has a good credit score built up would that increase my chances of getting a loan? 

It'll be the aftermath of a northern california earthquake, and it'll pull a tsunami in.With that said, as an Oregon coastal STR owner I will take the chance it won't happen.

The longer the balloon the better if you think there's any chance it will be difficult to attain bank financing or if the terms of the seller's loan are good. 

I suspect your chances of closing are slim so start looking for a credible lender who will do their due diligence on the property early in the game instead of just now figuring out that the property is rural.   

US 10 year Treasury yields tumbled (by nearly 10 basis points today and counting..) with the latest inflation metrics showing a dip last month indicating the Federal Reserve could start to lower interest rates this year with a now 80% chance of a September rate cut. 

After inquiring with the town, it seems the chances of getting zoning approval for one unit are higher than for adding two units.