My staff spends and use a lot of resources on these lower end homes.  

If I were asked to lend $135k for renovations, I would need a lot better description of your financials.

Depending on your financial position, you may be able to do both SFR/condo and try a small apartment through refinance of existing properties and/or the use partners.  

I am curious that you have a check book control SDIRA/solo 401K and you do not have a financial advisor who can expertly guide you through this territory. 

This is to ensure that any subsequent investment decision is made dispassionately and without any biases regarding your impression of the property.I would hire a qualified appraiser to assess the condition of the property and rely on financial due diligence and investment analysis when making my decision.All the best!

Another person on BP that you might want to connect with is @Reed Goossens....his niche is assisting foreign investors investing in the U.S. and he could possibly be a resource for you on the issues you deal with as a foreign investor.  

We have been using creative financing options to this point in order to maximize opportunities and due to limited financial resources of our own.We have what seems to be a great opportunity to buy a triplex in Salem, Ohio via seller financing; (my husband and I analyzed the numbers, taking into account cap ex, possible vacancy, management, etc. and it is a great opportunity numbers-wise.) 

I have been a licensed Real Estate Agent for almost 10 years and have also branched into wealth and risk management as financial advisor.

My current focus is on Wholesale but I am completely open on taking on different strategies if the numbers make sense and the resources available.

BP is a great resource.