A tool used properly (intelligent investor debt) will improve your situation.

Look at the all in purchase cost (including improvements), then figure out how much rent you can expect. 

Even if they don’t do much work at first or ever, it would be far easier to write off mileage, home improvements “stuffs” and other business related expenses with them on the LLC.

I would also look at its access and paring. 

-the community is gated, close access to I-35, and will have at least 90 units.

If you do have the funds, and want to do some of the work like installing flooring, painting, etc. yourself, I would skip the renovation loan and additional requirements that come with it and keep things simple.If you don't have access to additional funds and don't have the ability or desire to work on the property yourself, and the property won't qualify for regular financing without some of the repairs, then I would definitely recommend the 203(k) loan.

It’s in an improving area of town as well.

It’s in an improving area of town as well.

Second, and perhaps most importantly, it's land-locked behind another property, so I don't even know if any buyers would even have access.

Crime rTes are important as well as accessibility to highways and shopping.