To me it makes more sense to set up the right entity and then just get the right STR coverage.

Set your goals (I use the GROWER model in our mentoring sessions)4.

Go to some networking events in both areas, get on some wholesaler buyers lists, and have an agent set you up with an automated search on the MLS so you can start to follow trends both on and off market. 

Set up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsLots of luck.

You'll likely be able to get a sense for whether or not they're open to another solution or if they're dead-set on pursuing a foreclosure at this point.   

The numbers showed that option 2 closes the performance gap as I approached my target retirement age (65+) and exceeded it in retirement.My calculation does not factor in equity appreciation - just compounding of present value.I like the fact that option 2 gives me income while waiting for retirement. 

I have a meeting set for next week with an RE attorney but want to have an idea about my financing options both short term and long term.

Unfortunately reality quickly set in when we contracted an engineering firm to start the septic and wastewater plan. 

Are you set on investing with the long term strategy or are you also open to short term? 

A google search will turn up a number of firms that can help you and have tutorials explaining more about them and the details to set them up for you.