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I lost money, hope you don't!

If so, you would need private/hard money so you can do renovations, and then AFTER you would do more of a permanent solution like a DSCR. 

I would just start talking to a Hard money lender IMO.

You can hypothecate collateral from one person/entity for use by another person/entity, but you might want to borrow the money as a home equity loan (fixed payments and term...one time funding) or a home equity line of credit (HELOC).

To me, Louisville seems like an investor can get a better deal for their money right now in more areas of town, which is what makes me interested there.

There is no reason for them to just forgive anything, but it would potentially in their best interests to accept a chunk of money from the owner and possibly do a friendly foreclosure (hand them the keys per se).

You’re on the money with PITI and market rents are about 1500.

This project was funded through assistance from a local hard money company that has been funding How did you add value to the deal?

Our financial support demonstrated our commitment to providing the necessary resources for successful real estate investments, enabling a smooth and profitable transaction in collaboration with our partner, Mark Raby.