Agency debt is also not going to be possible under $1M (as pointed out by @Mark Allen).Best bet: Either find additional capital partners, tap into bridge loans for short-term financing (while you sort out your liquidity position) or pass on this deal. 

Stay active on the forums, there's a lot of great info out there.

I plan on doing the property management activities, with the rationale that it's a small condo where my responsibilities are limited.   

I've been looking on line and see a lot of Pool waivers, or specific activity waivers but not a general waiver for a river situation. 

You're eligible for a Solo 401k plan if you have self-employment activity and no full time employees that you pay via W2 wages.

Too much money out the door to only make a pittance in rentHowever I bet that could be raised over time as improvements are done .

I am active duty military and currently located in Biloxi Ms, right off the coast.

I am active duty military and currently located in Biloxi Ms, right off the coast.

I’m a active duty military member stationed in the Biloxi part, right off the coast.

Based on your posting the damage seems to be extensive, especially since it’s affecting the structure of the home such as a floor beam, sill plate and subfloors.It appears there is active termites as well as a beetle issue and both must be resolved before repairs can de done.You didn’t mention home value, just purchase price so it’s difficult to say what to do from this point.At a minimum, I would have the termites and beetles dealt with and get a bond from the termite company to cover the first year for more treatment.Also, have a licensed contractor give you a repair estimate.