And don’t underestimate the power of direct outreach; some sellers may be more flexible if you present a clear, structured plan for partnership or financing.

Assuming you don't plan on going back into any consumer debt again I like your plan versus barely getting by.

Remodeling, painting, carpet, flooring, light or water fixtures - sure, I'm good with that.

The tenant fails to pay their last month's rent and leaves the place needing new flooring and paint.

i tell them all the time to find a good W2 job you like and you plan on staying with a long time. 

There might be a time to cut losses and just sell it, or if it makes sense your other plan could work, as long as you pull permits and do everything carefully.

It is hard to tell what's going to happen in the Danville (Casino) area, but from what I hear, the casino plan would bring in over 1000 jobs, new police precinct short term goal and actively trying to get other companies to move in to the area for long term goal.

With small to mid size ski areas you may want to do some research and look at their growth plans.

I use my license for multiple activities: Of course- comps, when buying and when selling, tax data- to see what I am about to pay when i own the home ( for long term holdings), check the DOM (days on the market) for the subdivision I am either buying on, or when I plan on selling, etc. 

Your situation is so difficult, and the best plan is to get financing before we need it.