The goal is to find a distressed or mix-use property in a desirable neighborhood that we can rehab. 

@Justin Greene There are asset-based products from commercial and portfolio lenders out there designed for investors with high DTI, the desire to vest in a LLC, 10 + mortgages, unique scenarios, etc etc.

Great story of what desire, perseverance, and work ethic can do.

Plus the seller would benefit by improving the desirability and affordability of their home for conventional buyers.  

Areas south and south east (Zipcode 27610) of Raleigh have the most left to run but also the least desirable followed by east (Knightdale, Wendell, Zebulon) and north east (Millbrook, and capital area).

So let's build upon that strong desire with positive and productive ways to think about things!

You would think in this rising interest rate environment that may make a purchase even more desirable for a potential buyer if the locked in interest rate is lower than is currently being offered.  

For example, if you are looking to connect with other members near you, want to learn from people in a specific area you’d like to invest in, or have a desire to find people interested in certain topics, you could start your search here: https://www.biggerpockets.com/search/users

The inside looks very nice, and yes close to the beach as the crow flies, but I'm not sure how desirable that area is for short term rentals, especially right across from the airport, albeit a small one. 

Plenty of condo/townhome and even some SFH options for under $500k that will meet your goal of providing cash flow and a desirable place to vacation with your family.