Short term Loan ARV would be my suggestion you could get up to 90% of the Costs covered then refi out once the work is done in a year...but make sure to improve your credit in the meantime 

Some resources I recommend ( with 10 hrs of flying you may have covered these episodes:)PodcastsEpisode 108 - Grant Cardone...

For the lease, you'll need to be sure to get one that covers Oklahoma laws. 

If they are all equally qualified (areas covered, knowledge about investing, etc) I'd tell them all that I'd decide with a series of coin flips and I'd tell them that you're doing that to avoid damaging the relationship that you value so much.It's a hard situation, but if you're upfront with everybody, you should minimize the chances of hurting your friends.  

My end goal is to have a passive income stream that will, one day, become big enough to where it can cover my expenses entirely.

Named Perils coverage is called that because the Perils (causes of loss) that are covered are Named in the policy. 

I'm hoping that you could take out a mortgage on the property for $50k for the engineering and if you had to sit on the property, you could at least farm it (or rent it out to a farmer) to make enough to cover the loan payments on $50k while you wait for an upswing. 

Thanks to Jay Hinrichs I discovered the beauty of syndication deals for passive income, diversification, and heavy hitting returns.

Let's say you can buy it for $75,000, then you figure what it will take to fix it up, amount to cover the time & costs of owning it (holding costs) and the costs to sell (real estate agent, closing costs).

Also, when calculating my expenses using the 50% rule, that gave me $1775 to cover my debt service ($1229.08).