The plan is to keep operating the property as a PadSplit post-acquisition.

Hey Jacob, do you plan on expanding the portfolio?

I plan to put a $600 utility cap in the lease.

You haven't told us anything about what you plan to do after purchasing the property, so it's not clear how important interest rate is in the long run. 

At the time, his offer was low, and I had potential plans for that space, so I turned him down.

So I’m trying to come up with a game plan  Conventional loans do require 25% down on an investment property.

If you are going to be an owner-occupant, want a low down payment, and are planning to do a renovation, the FHA 203k and Fannie May Homestyle loans are your best optionsHow do you know the property is currently upside down on the mortgage? 

This strategy balances tax efficiency with proper estate planning.

If you are going to get your license in Virginia I would plan to stay there for a decent bit(5+ years).

@Tiarnan GormleyStarting your real estate journey while living abroad is ambitious but entirely achievable with careful planning.