I prefer a solid surface, tile or something similar like hotels do. 

Still, I realize I have only scratched the surface, not to mention I am arguably using a source that may be misleadingly rosy.

I personally don't believe that the property will continue to appreciate or see the rent growth that it has seen over the past few years.Based off of the surface level information, what options would you go with and why?

Jeff might know better, but on the surface I'd say no. 

Seller credits, zero interest CCs, borrowed funds from family as options and on surface they may seem stressful but if done responsibly on the right deal will be worth the effort to "figure it out".

This is done by hiring an industrial hygienist or an air quality professional to come to the property and test the air and surfaces for mold spores.

Bridge financing(interest only):For construction loans, you could do a bridge solution to help you buy the land and do the vertical construction(get the land surface engineered and developed for putting up the apartment buildings) and then horizontal- downpayment will vary.

On its surface it seems your liquidity is going to be a greater deterrent than a mid 600 credit score.  

You also mention the low fee of $50 / month for HOA fees and though it may look very cheap on the surface, you have no idea how the communities financials have performed over the last few years and you may have HOA fee increases annually.

You have to sand the surface first to make sure it gets a good bond.