I would cashout refinance , place a long term tenant and can always sell as an investment opportunity when it starts cash flowing or wait the market out and see what happens in a couple years . main concern is to get your hard money lender paid back 

We currently have an awesome long term couple that has lived there for over 5 years but they are paying way below market value.

I would recommend browsing the forum and seeing who is answering questions similar to what you might have, going to the "build your team" section, and/or scheduling a conversation with a couple candidates and see who you think would be the best fit knowledge wise and price wise. 

This story on a local CBS station has a couple interesting notes:-- The bill sponsor seems to say that he is trying to combat hotels that converted to "residential" for tax purposes.

Moving forward, have your preferred inspector and contractor assess the property before going under contract.

This limitation can be frustrating, especially if you have unique preferences that diverge from the norm.5.

You could still do a couple small deals on your own because it will be fun and good experience.

Buy 1 with 20% down see how it goes for a couple of years and then reevaluate.

If you don't know what the repairs will be or how to figure them, get a couple of contractors to come walk through the property with you and give you estimates until you learn how to figure the repair amount for yourself.So the formula to use is this: ARV-35%-repairs= Your selling price(This will tell you how much to sell the property for to a cash buy/rehabber)ARV-35%-repairs-your profit= You maximum purchase price(This will tell you how much to buy the property for.

An old roof that may need to be replaced Ina couple years is not a defect.