I want to build a home on the property to increase value at some point.

The buildings are getting older and they don't have the funds to do the repairs.

Start by deciding whether to purchase your first property, invest in a short-term rental, or build from scratch.

Your focus on optimizing property management and building wealth is a solid approach.For investing with limited funds, distressed property flips and creative financing are great strategies.

Focus on building strong business credit through timely payments, low debt levels, and solid financial records, which carry more weight than the name alone in establishing creditworthiness.This post does not create a CPA-Client relationship.

I know the most critical step is to build a team which I am confident I’ll be able to accomplish since I already have some friends that live there.Any help would be appreciated! 

All that combined with limited building and no state income tax there is positive rent and appreciation. 

@Connor Thomas if it is possible to build small closets in each room, do it.

My business partner and I have been speaking with a VC company that is heavily invested in NL and learned that if you purchase a building in a QOZ and hold onto it for 10 years you can avoid the capital gains. 

Don't be afraid to go out-of-state, but you will need to do some legwork to build your team.Best of luck