I live in Bay Area and there is no market for rentals here at least on my level.

They have legislation preventing using multi-family properties as short-term vacation rentals and they have other regulations about parking, noise levels, etc.

As I dug deeper I found 26 U.S.

I have the ability to apply for the same level Line of credit on my business but am going to do that yet. 

There are significant tax differences between the taxation of a pass-through entity and a C-Corp/S-Corp.Accountants would need all the detail(nature of business activities, goals, exit opportunities, income levels, expected income levels, etc) before they can make a well informed decision on your entity structure.Working as an independent contractor does have it's downsides of which you are paid the full-lump sum for your work.

The desire is to repair this unit to a higher level and desirability than the neighbors so that I can select the highest quality longer-term tenant.

This is simply my high-level opinion as someone that works in the multifamily mortgage banking/lending space that does a lot of business with the GSEs and large National Banks in North Carolina.

You should really tackle this debt before you get deeper into real estate, because if we hit a recession, which we probably will in a year or two, and a few things go wrong like you lose a tenant or two due to job loss, and your property values tank 20-30% ... you'll basically be on the verge of bankruptcy.

@Dennis M. the screen is torn right where the screen meets the frame on the floor level.

I want to take my self education to the next level.