Hi Account Closed,My first question would be if the property is currently undergoing probate.

The barriers to entry for being an attorney are quite high (undergraduate degree, LSAT entrance exam, admission to law school, successful completion of law school, pass the bar exam, undergo fitness of character investigation).  

@Vickiel WoodardFirst, congratulations on taking some VERY positive steps under difficult personal situation.I would guess from your post that you have some expenses to incur for repair, rehab and carrying costs, before you begin receiving income.If your intent is to hold as rentals for good cash flow, a fix n flip type lender (where most SFR investor lending is available), will probably not be interested unless they believe you plan to sell after rehab.As you stated, you won't qualify for a conventional or institutional loan, not only because of credit but also because of loan size.The suggestions made by posters so far are some version of(1) sell as is one, two, or all(2) sell one and use proceeds to fix up other twoNot bad advice, depending on your goals.These lower end houses will sell for a VERY low price in relation to their rental income because (1) tenant types will most likely be a problem or at least be high maintenance, i.e. chasing them for rent, high turnover, life crisis, employment problems, etc, and (2) unless area undergoes gentrification price increases will be non existent (3) effective outside property management is probably not available.So, if you are able and willing to manage the property and tenants yourself, keeping the properties as cash flow rentals can be a VERY lucrative activity.I would find an experienced contractor, and talk him into either (1) partnering with you by providing his services as a contribution for buying an equity interest in the houses or (2) accepting a lien on the properties in lieu of immediate cash payment to perform the necessary rehab and either making monthly payments to him to pay off the lien once the units are rented or paying him off by refinancing once the properties are rehabbed and income is established, though as mentioned a loan would be somewhat difficult to accomplish.An alternative is to attend your local REIA meeting, and discuss a partnership with some of the more passive investors.BTW, are you paying typical credit card interest rates of 12-24%, or did you get an introductory deal giving you a low or no interest loan for 6 -12 months?  

I figured we would see some real shockwaves by now given the interest rates. 

We take in high volumes of reservations and our properties undergo excessive wear and tear due to holding 15-25 people at a time and having revolving stays.

In general a regular property landlord may consider short term room mates, but each would have to undergo a background and credit check and qualify. 

I imagine the property undergoing two phases.

Should I wait until the rehab is 100% finished or start to advertise a property that is undergoing rehab and try to generate interest that way.

Further, if you own the multi-family properties in a partnership, the partnership would have to undergo the exchange. 

@Shawn McCoy the standard deviation on R/E IRR is much tighter than PE because the underlying asset (real property) is more stable in value than a business enterprise undergoing the PE value add.