If you're hoping to wait until interest rates come down, not only do we have no clue if or when that will happen, but when it does you may see prices go up as buyers are able to get larger loans.

I believe the most cost effective strategy would be to get a private loan from someone to purchase with cash.

Understand exactly how big is the structure, how are you orient the structural, what's the access situation, parking situation, driveway, landscape, and waste water management. 

It is not worth it to get the reputation of taking loans and not paying them back. 1.

I currently have the same situation. 

If you take over the loan subject to, which we sometimes do, it stills leaves a problem with his debt to income ratio in qualifying for a new loan.

I had a similar situation with established snow birds renting Dec 15 to March 31 for a price that had not been adjusted for over 5 years.

After calculating all of the properties, the average cap rate is around 5% and the COC ROI is always negative (I am putting down 25% for a DSCR loan).

When you go above 4 units you get into a different loan program that offers less leverage, has stricter guidelines, higher rates.I'd stay right in the lane you are in. 

In such situations, a bridge loan to rehabilitate the property followed by refinancing becomes necessary.