If it is somewhat habitable and you can live in it for a year, you can get primary residence financing. 

Once you have your team, and a general idea of financing, find the right property!

Creative Financing: What creative financing methods have you found success with in tight markets (e.g., seller financing, lease options, etc.)?

We purchase i areas with higher value get great returns and have no trouble with financing infact often with loans get all out funds out.

There are creative finance things you can do, but I wouldnt do them.  

I understand residential financing, buying & selling, but I often hear there is more money to be made in commercial, but don't understand much.Should one start by finding a commercial lender first?

Friend How did you finance this deal?

It all depends on what financing you're using and what you consider a 'fair price'.

What would your strategy be, using only the finances provided above. 

Sharing an article I published here on BiggerPockets last year related to this topic on all about the financing options / qualifications / underwriting for STR income in case it helps you!