I would suggest a feasibility study done by a self storage feasibility expert.

Either way, using credit/charge cards under our LLC at this time does not seem feasible.

Hi everyone, I am an undergraduate student from Singapore and I am relatively new to real estate investing (I have only been reading real-estate/business books and listening to biggerpockets podcast for the past one month) and I would like to ask for your opinion on the feasibility of doing a long-distance real estate investing for a newbie's first property. 

Besides Option #1, all of the others involve financial risk on your part.My recommendation is to contact a good certified general real estate appraiser and request a feasibility study.

I'm wondering about physical feasibility and financial feasibility.

If I didn't call and ask, I would have committed to a deed that's way less favorable.The contract does say that they are not responsible for hardly anything, and it also has conflicting information.Here's an example of double language pertaining to title (10 of my contract):Seller shall be under no obligation to (A) remove any title exception, (B) bring any action or proceeding or bear any expense in order to enable Seller to convey title to the Property in accordance with this Agreement or (C) otherwise make the title to the Property insurable by the Title Company.BUT, right after that it says:IF, FOR ANY REASON, SELLER (A) IS UNABLE TO MAKE THE TITLE INSURABLE OR CORRECT TITLE PROBLEMS OR (B) IS UNABLE TO ASSIST THE BUYER IN PROCURING FROM THE TITLE COMPANY, OR ANOTHER REPUTABLE TITLE INSURANCE COMPANY, AN OWNER’S POLICY AND LOAN POLICY, IF APPLICABLE, AT REGULAR RATES (C) DETERMINES IN ITS SOLE DISCRETION THAT IT IS UNABLE, OR IT IS ECONOMICALLY NOT FEASIBLE, TO CONVEY GOOD AND MARKETABLE TITLE TO THE PROPERTY INSURABLE BY THE TITLE COMPANY, OR ANOTHER REPUTABLE TITLE INSURANCE COMPANY, AT REGULAR RATES, AT THE CLOSING DATE, AND THE CLOSING DATE IS NOT EXTENDED OR OTHERWISE AMENDED AS SET FORTH ELSEWHERE IN THIS AGREEMENT (OR BY SELLER IN ITS SOLE AND ABSOLUTE DISCRETION), OR (D) DETERMINES, IN ITS SOLE DISCRETION TO TERMINATE THE AGREEMENT AND DEEM THE AGREEMENT NULL AND VOID, IF REQUIRED BY APPLICABLE LAW, AND/OR IF REQUIRED BY ANY EXISTING CONTRACT OR AGREEMENT BINDING UPON SELLER AND/OR THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY AGREEMENTSWITH THE PRIOR OWNER OF THE PROPERTY, ANY MORTGAGE INSURER OR ANY MORTGAGE BROKER, THEN SELLER MAY TERMINATE THIS AGREEMENT BY WRITTEN NOTICE TO BUYER AND THE ESCROW/CLOSING AGENT.

I have talked to them about the possibility of leasing with an option - wondering if this is something that is feasible at all and how we could make this work.  

If you change zoning or in some cases use, you may be required to bring the building up to code for that new use, first, I'd see what that would take for your ALF operation and you might look to the economic development office as to feasibility.

The beauty of the 203k is that you can make that home what you want it to be as long as it is economically feasible.

I'll see how feasible something like that would be.