You will always get conflicting advice on different topics.

I realize that a full feasibility study will most likely be required if I move forward with an LOI and purchase contract.

My rental property has sprinklers in the yard yet tenant will be responsible for paying for water.  

Find them deals, they will pay you a fee, learn save then go on your own.

I will look at more of the website and tutorials; I'm currently in flight school.

Your background will be super helpful, and I am sure you will make friends quickly here!

Commercial real estate is in real trouble, banks & commercial lending outfits will not touch mixed use.

BTW you are not getting anything (maybe you will get lucky and get one) for 80k or less fully renovated. 

I would begin marketing immediately, and mention it will be ready the date that you have very high confidence it will be available.The harder part is being selective what you show. 

With excellent credit (800+), you're already in a great position, but I understand the struggle with DTI when you're self-employed.Here are a few options that might help:Asset-Based Lenders: You're on the right track with DSCR loans, but you may find some private lenders or portfolio lenders willing to go into the high 6’s.