At sale, you return the investors' initial equity and the remaining profits are split 70/30. 

I would love advice:Is this a situation you've heard of before--what would be my first steps?

I’m trying to figure out the next steps.

Check the short term vacation rental options in the area- Extended Stay America, Airbnb, VRBO etc. and undercut them initially to ensure you can build reviews and a brand. 

Be very mindful about your next steps.

From the new loan, you pay off the initial loan and the credit cards. 

The problem is that the process takes extra steps and tax claim bureaus typically don't --- or won't care to --- take the correct steps to discharge it.

I have read the very helpful BP posts from @MikeHartzog @DionDePaoli and @DaveVanHorn and others to get familiar with the process, but now that I'm executing a transaction I find that I need clarity/guidance about a couple of the next steps .

Take things one step at a time.

You just can't expect to cash flow on an initial purchase with a low down payment.