Are there any other options aside from the rehab loan other than cash? 

There are a few options, but before you think of paying them off...can your money make you more doing something else?

I thought going in that we would start an LLC but have come to learn that LLC's have very limited lending options for real estate and that our LLC would require us to file taxes as a business because there are 2 of us.

We've spoke with multiple banks at this point to get a few options. 

Hi Mariana, Cleveland and Columbus both have some great options. 

I've heard renting 3 bedrooms is a very crowded market so thats why im looking to do the smaller 1-2 bedroom options Im concerned about all the competitions and the somewhat transient nature of the city.

There may be several options for remediation depending on the state and applicable regulatory context.

otherwise i agree with the others - 50K just isn't enough...Hi Nicholas I’m starting to rethink my strategy and what would be the best option to get my foot in the door.

You might consider cutting your losses and selling it, or investigate STR options.

@Caleb Kim  isn't 3 boilers a bit of a pricey option?