I will update this thread as the process here evolves.

I am assuming you have a regular homeowners policies which provides coverage if you live in the home.

 I would start getting an update on the lease.

The property has been unused for 2 years, still has furniture and will require some updating/cosmetic work to be rent ready but it seems like a great option to avoid the lender process on my side. 

If not, it might be worth working through your realtor to have the current landlord update the lease to make these changes (he can give the renter a free month to sweeten the deal if needed). 

Most recent comp shows a house with 700 sqf less than our house, one less bath, and 1 less bedroom,but is fully updated under contract for 300k.

There is a fall back option for you if no regular company will handle it. 

I would suggest that you park that money by depositing it into a regular IRA at your local bank. 

If you can not come up with a plan to save money you will not be able to invest.You should be putting aside a minimum 10% of your gross income into regular savings.

@Dylan Barnard - I was reading through this post and was curious if you had an update.