They only lend within certain states (mainly the NorthEast). 

@Jim Brandt , Unfortunately, a house that is in your name and used for personal purposes for more than 14 days during the year, or more than 10% of the number of rental days if greater, is considered to be a residence (not a primary residence).You are deemed to have used a property for personal purposes when it is used by: Anyone who rents the property for a price that is less than fair rental value.So the house will not qualify for rental property or investment property. 

@Tami Olsen As is condition is not a problem for purchase contract for  the purpose of financing.

“Mainly what is the best investment you currently have on YOUR books?”.

My purpose of this step is determining all the damages and cost of rehab.

@Matthew WardAny payments coming into you for services should be considered revenue.Any payments going out should be considered expenses.It depends if your books are for internal purposes or if its for tax purposes.If its for tax purposes - Payments for properties should be classified as an asset.

If I refer the seller to a realtor, it kind of defeats the purpose of having me around.

The main level has 3 (small) br and 1 bath. 

@John Franczyk on the tax front, there is no expense you cant write off, or business tax benefit that cant be taken weather you are an LLC or a sole proprietor historically, its all pass through anyway, for example if you have a HELOC on your personal home, and use the money for business purposes, the interest and expenses are deductible as a  business expense. at the end of the day it makes no difference, unless you are avoiding  SE and filing as an S-Corp, but thats for active income, not passive.

Not so much for tax reasons, but just for an overall investment/savings with the goal to pay off our main residence as soon as possible.We only have 9 years to pay off the 15 yr mortgage on the condo, which is the rental.