I can assure you the city demolished a building because of make safe violations that were ignored, not because of a desire to force gentrification.

The fact the associations force agents to join is a questionable tactic. 

We too were forced to convert the land contract into a note and mortgage, at a huge reduction in the loan balance I might add as well. 

Rates on DSCR are lower and they offer ARM and I/O interest only options.  

Hey Bans, If I were in your shoes I'd take the ARM.

Purchase price: $288,486 This was our single-family home while stationed in Oklahoma with the Air Force.

So, the question becomes when things get hairy is can you FORCE them to pay.

I would either use a HML spread over multiple deals to rehab or I would find a property with good bones (foundation, and most studs/joists are solid) then buy it for super cheap and force appreciation through the rehab, which is what I do. 

Buy a forced-placed policy if you must.

Keep in mind, though, it will require significantly more time and effort but offers the potential for higher rewards through forced appreciation.If you aren't wanting to be as hands on with your real estate and want to approach it more as a side hustle while you focus on your career, the turn key option may be better.