If you are looking at this property from a residential and rental perspective, then it may work as long as you are willing to put your own income into the property. 

I'm not sure if the program is still going on, but has definitely revitalized a lot of the area when it was once destined to follow the way of other older cities that are aging out of existence both in terms of people and property. 

The Property will be a good long-term investment whether you do the dig down or not! 

If it's worth that much, taking a HELOC on it should not be an issue at all long-term or short-term as long as the bank will do it.

For short-term and mid-term strategies working there, the simple answer is that it depends. 

OO loan seems like real long shot. 

Real estate is an excellent avenue to help you achieve those goals, especially since it can create both passive income and long-term wealth.

The property will be strictly for investment purposes, not a primary residence.I’ve been looking into two potential financing options:Hard Money Lenders (HML) – I’m drawn to this option for its speed in closing, but I know the rates can be higher.DSCR Loans – This seems like a great option for long-term rentals, but I’m unsure if it’s the right fit for my auction property since it might need some rehabbing.I’m also considering purchasing through a land trust or an LLC to add a layer of protection and privacy.So, my questions are:What’s the best way to approach financing for auction properties?

After the HELOC, it would drop down to about $450 per month.My goal is long term equity and appreciation, and not cash flow.

The strategy there is more about long-term appreciation since cash flow can be razor-thin.