If you don't meet that 12 month seasoning requirement and/or want to hold the property under an LLC, a debt service loan may be a better option.

Obviously the numbers and location would determine which is the best option for me but these would be my preferred methods. 

If they don't pay willingly, what are my options? 

It’s the BRRRR with the lease option rather than just rent.

If this property is hard to rent, or is functionally obsolescent (only 1 bathroom, no yard, etc), or has deferred maintenance that will be costly, or is in a location that is not appealing to Tenants, then maybe a sale would be a good option in favor of a property that has better Tenant appeal, which will likely increase rent and avoid long vacancies in between Tenants.An option to consider....

Believe it or not, these things actually impact all parts of the housing market, not just the new home sector.Again, to truly weigh the options in front of you, I would suggest having a Realtor do an evaluation for you, and give you a pro/con rundown of each option. 

@German Fernandez Love those options!

Also, I am considering alternative financing options (beyond Hard Money).

I feel like these are my only options:- House Hack: Would I still need to pay the 6% tax rate if I'm getting rental property insurance?

I have heard about doing deals with little to no cash down but I'm skeptical about whether creative financing options are truly viable.