Also, I am guessing that due to the state of the house, it would not qualify for a conventional loan?

One area can show great signs but literally cross the railroad tracks and it’s a different world.Be aware of these types of physical delineation.If you are getting no demand from qualified applicants then I would say it’s not in a margin of a gentrifying neighborhood.  

As long as the rents can cover both the current PITI and proposed P&I payment, credit is at least 680. you should be able to qualify. 

The ONLY exception is that a landlord may charge two months' rent if the tenant qualifies for utility assistance, the lease requires the tenant to pay utilities directly to the landlord, and the tenant and landlord agree in writing.

That does not require employment or job seasoning instead it uses the rents to qualify and you can take out up to 80% LTV cash.Use the cash to put down on the next 1-2 or more properties as long as the other properties are debt servicing themselves it opens up more opportuities to buy more future assets and increase your passice income.  

I won't just write them all here but I highly recommend contacting a qualified 1031 intermediary to walk you through the process.

Always recommend doing a soft-pull especially since not sure exactly when you'd find a property but you can get qualified and get some estimates.  

The borrower will need to be exceptionally qualified and have significant reserves (particularly for a jumbo or super jumbo loans of $1-2-5M++) Historically borrowers could qualify with 10-20% reserves of the amount financed, that could jump to 100%+ without significant state and federal intervention.

Not having experience qualifying prospects I would think that the leads you would get from here, if any, would be..... challenging. 

My thoughts would be to discuss it first with the township, then have a qualified investment savvy realtor tour the home, get you a CMA on the current property and ARV to compare.