My spouse is her employer, and is willing to write a recommendation letter, so I know she can demonstrate stable employment.

@Albert Guse  You can try under FHA loan if you can demonstrate that the bankruptcy was caused by circumstances  beyond  your control. 

----------------You've got to be formal, you've got to be classy, you've got to be personal, you have to think hard about how what you say could be taken by someone who is demonstrate that you know something about the property to express significant interest, you've got to mention in this market that you're not going to ridiculously low-ball the owner (even though, well, of course you'll try), you've got to mention that you can close quickly.

If you are looking at commercial lending it's much the same advantages in rates/terms, you simply need a good business plan, a property demonstrating good numbers or even some forced appreciation through value-add possibilities.I would suggest not going it alone.

How are these risks accounted for in their financial models and what sensitivity analysis has been done to demonstrate how their margins of safety afford buffers needed? 

Even then, your cashflow is demonstrably affected.

A way that they demonstrate that is creative financing such as partnering or seller holding notes while another is to make additional income streams from a piece of hand that's used as storage by the previous owner. 

I don't mean to offend, but I simply cannot see how this could be literally, physically, possible, and I think that the burden of argument must lay on demonstrating how it could be possible.

So, in short, it is all about your ability to demonstrate that you truly did have the intent to hold for rental/investment purposes.

So the 1031 would be appropriate.There are points along the way that demonstrate what your intent was/is with your property.