A developer did buy it and is now planning on a meat market/gas station at that location. 

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@Dan Heuschele: My plan is to have a long time horizon for my real estate investments.

The seller has already all the plans approved.

My plan is to paint over it to make it look nice and move on.

If it's reaching maturity and you are planning to keep the property longer, maybe you will need to look for a longer term.

Maybe spend the next year coming up with a very specific plan of action on what you want to invest in and where and how you're going to do it and then work towards the goals.

We plan to take out a wall and add an island to open the kitchen up, take the carpet out of the bathrooms, replace most of the flooring, finish the 4th bedroom and the rest of the basement, and various other minor updates.

Is there someone (possibly a more real estate minded CPA) who we can tell our future plans to and they can educate us on all of our options?

While approval might pose a challenge due to your lack of flipping experience, a solid renovation plan and clear exit strategy can bolster your chances, especially with strong credit.