I know you were asking what other options, and I think this is something you can do in addition to whatever you choose.

But I could also 1031 exchange it later, if I choose to sell after that time.

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

@Emmanuel OlaIf you can get a longer term conventional loan I would choose that over a hard money loan every time - this is of course assuming the hard money loan has higher interest rate as well as a shorter maturity date

I’ve worked for the Newark Housing Authority in NJ for 5 1/2 years and I will tell you, if they found out you were making side deals aka having the tenant pay more than what they were approved for, that will lead to debarring the landlord from any future S8 deals if he/she chooses to.

Maybe video the interior before and after work (not sure about the legality?)

I suggest you choose your inspection company carefully.

Never buy a property without seeing it personally AND having it thoroughly inspected by someone of your own choosing. 

If they choose to leave, then I would give them no more than 60 days to vacate, clean the place up, and rent it for market rate.

Once you choose your depreciation schedule, you cannot modify it mid stream, you are on that path until you either sell the property or deplete the depreciation life of that component.