It is feasible to find deals on the MLS, but they are few and far between. 

My question is: If borrowing is feasible option, what is the best way to go about this?

Unfortunately, many houses like the one you found sit vacant because the owner is trying to get a price for it that will not allow the property to be purchased and rehabbed at an economically feasible price.  

I did that a few years ago, and it made a massive difference in my score.Also, get rid of debt where feasible.  

The 60 or so licenses that are actively assigned do not transfer to new owners, so it looks like this investment strategy may not be feasible in the short term, unless you plan to rent out a portion of the home you will occupy.

Given the facts above, is it feasible for me to get a construction loan that will allow me to cover existing mortgage, architectural/MEP fee, construction cost minus my savings?

Has anyone vetted if this is feasible in San Francisco?

I wonder about  the risk and feasibility of trying to do rehab/flip work in those areas.

If you are using $10K, structure it so that you amortize that over say 10 years or 15 years (fewer years if its feasible).

Not sure if this is feasible.???