My financing strategy would be to HELOC the down payment and repairs then, as quickly as possible, do a DSCR to bring the mortgage together and lock in a lower interest rate.

I expect to have about $10,000 in repairs on the high side.

Would need some cosmetic (paint, refinish floors, minor repairs/upgrades completed by me).

Keep up on any thing that crops up that needs repair.

I'm working on building my down payment including repairs fund and have a good credit score above 750.I’m interested in buying a property near Kansas City, in markets like Topeka or Springfield, IL, but I’m open to other cities in the Midwest.

This is before accounting for things like repairs & maintenance, etc.So just be sure you fully think through the cost side of investing out of town / out of state.  

A couple other tips;you can’t use the renovation loan to finance renovations to the commercial space. only exception is if you need to do repairs to the core structure or mechanicals that are integral to the building (ie, structural work, sewer lines, water mains)Make sure you work with a lender that knows how to do these.

Insurance Proceeds: Generally, insurance proceeds received to repair or replace property damaged in a hail storm are not taxable.

Get as long of a mortgage as possible (eg 25-30 year mortgage) to make your payments lower.If you are buying to rent it and won't be living in it, you need 20% for a down payment.Either way, you also need money set aside for closing costs, inspections, repairs and maintenance...and if you are renting it out to cover vacancies.

I would advise you to look for a house instead of a condo.Condos have many fees, rules and can have expensive assessments for repairs and improvements that you will be forced to pay.Also Condos are a dime a dozen so the competition is fierce which drives the nightly rental rate way down.