Since we will not be doing the work until later on, would it make more sense to use the 504 to purchase the property only right now, then seek another loan or LOC when we are ready to begin the work?

Is this a good strategy that actually reduces the life of the loan?

I would love to find another Fountain square back east and start doing infill like this article maybe 1 to 2  month would  be great we would just use cash so no loans etc..

Current loan is 420k and value at 545k, credit score 740+.

The client cup of tea is loan assumptions with value add.

If using high LTV loan and legit underwriting, the purchase will have negative initial cash flow.  

This might entail buying a single-family home with rental potential and living in one area while renting out the other units, or it could entail buying a multifamily property and living in one apartment while renting out the others.Financing Options: Look into traditional mortgages, FHA loans (for home hacking), and other inventive financing techniques.

Try a few more things to improve your bookings before calling it quits.

These updates modernized the property, improved its curb appeal, and increased its market value.

Also I would check the return on investment, if you were to make those improvements.