There are different levels of what is acceptable in commercial lending, it's not the Wild West where the fastest gun rules. :)  

How are your current consumer debt levels?

I try to match my strategy to my desired level of participation.  

Decima (best selling author/seminar guy) who fixes them up, often to rent out, but also to eventually sell or even tap the equity (but beware how this would add costs, interest, and only can get a loan up to certain level of equity). 

From my estimates, I see that there is $75K needed to get the property to the $245 - $250K level.

Non-bank mortgage servicers have acquired massive portfolios of mortgage servicing rights, many of which consist of delinquent loans that require a heightened level of service and support.

It might be better for you to purchase the owning entity instead of looking at it as just a real estate transaction, move into that owner's position at the entity level.

All are invited - no level of experience is too low or too high.  

It is on the square (downtown area in town of 3000) and has a business opportunity on the main level and an upstairs apartment.

In short, I would say that your commitment level should determine what strategy(ies) you decide to implement. - Jeff