There are definitely lenders and agents that deal more specifically in foreclosures, because there are unique aspects to buying encumbered property.

They are going to make or break your initial guest experience when they walk thru the door and cause you the most grief if they are not consistent and communicative.Just remember you are basically running a mini-hotel and there are a lot more moving pieces then a standard rental to pay attention to. 

This reno consisted of more cosmetic but did require some electrical, plumbing, new windows, and roof repairs.  

Or are these aspects of the several different options that you mention?

The scenario you're concerned about is also the same if you take any other form of unsecured debt (credit cards, etc.).Being brutally honest, most borrowers don't consider this aspect when they borrow.

I was wondering how to make the rental aspect of my property a business since I couldn't technically take title in an entity because of FHA restrictions.

Welcome to BP community @Allison Mayfield  It is a great place to meet new friends and learn about various aspects of real estate and more.Wishing you the best! 

Prior to moving to Columbus in 2008, I consisting visited my county court house every afternoon (I worked across the street ) to review the days foreclosure filings.

This means that even if DE law made it 100% impossible to pierce the corporate veil, the state where the suit is tried does not have to respect that aspect of DE laws.

Is it a banker so the can learn the financing aspect?