There's one across the street from me now same story as yours. 

If you are on active duty right now you should easily qualify for a VA loan right now.....Go get it!

They are living in a market they are priced out of and look to Midwestern cities for lower entry prices.They do not have the time, ability &/or desire to be an active operator in the business of rental real estate.

Will they be actively involved in the deal as well or are they just bringing part of the equity and putting it in your hands with an expectation of a financial return?

If it's a business but the 1099-S is reported with my personal SSN instead of EIN, is there a way to retro actively change that?

Not knowing the scenario of the street/driveway access it would be best to speak directly with the zoning office and/or a land use attorney. 

A charge off is tied to the account of last activity, regardless of whether it's been paid off or not.

Then look at other active advertised rentals and find comparables based on area, sq footage, bedrooms, and finishes and see what the going rate is for similar properties.

@Tasha Pams, You cannot charge a finder's fee for finding properties unless you have an active Alabama real estate license. 

Local bank  financing at 1 point and 5.5 %this is a little street in a really cool area..