Indeed as long as it shows up in the "business bank account" and not your personal you should be good. 

I would suggest that you rent the property and consider using a property manager who can finance the improvements for you up front and be repaid out of the rent so you can have passive rental income over the long run. 

As long as the numbers work, locations are good, I'd rather have newer than older.

It is a TurnKey mixed use building with 1 commercial unit with USPS as the tenant since 2008, and 3 apartments filled with long term tenants.

I would recommend just taking out another bridge loan if you need more time to sell, or refinancing into a long term DSCR loan if you do not qualify for conventional loans 

You could rent it out long-term or maybe as a short-term rental.

They are set to go with them as long as the financials look good on the project. 

Yes, the cashflow is great in these smaller towns, but im looking for long term since lot of these small towns do not grow appreciation like the larger cities.  

If you're planning to invest out-of-state, I recommend reading “Long-Distance Real Estate Investing: How to Buy, Rehab, and Manage Out-of-State Rental Properties” - I found it to be very helpful when I got started investing 2.5 years ago.

I know debt isn’t necessarily bad as long as you’re making enough from the investment to cover payments.