They have legislation preventing using multi-family properties as short-term vacation rentals and they have other regulations about parking, noise levels, etc.

I have the ability to apply for the same level Line of credit on my business but am going to do that yet. 

There are significant tax differences between the taxation of a pass-through entity and a C-Corp/S-Corp.Accountants would need all the detail(nature of business activities, goals, exit opportunities, income levels, expected income levels, etc) before they can make a well informed decision on your entity structure.Working as an independent contractor does have it's downsides of which you are paid the full-lump sum for your work.

The desire is to repair this unit to a higher level and desirability than the neighbors so that I can select the highest quality longer-term tenant.

This is simply my high-level opinion as someone that works in the multifamily mortgage banking/lending space that does a lot of business with the GSEs and large National Banks in North Carolina.

Honestly, only you can decide what level of risk you're prepared to handle.

@Dennis M. the screen is torn right where the screen meets the frame on the floor level.

I want to take my self education to the next level.

A friend from high school wanted to do the last one and I passed on him and he was DESPARATE to work for me on this one to prove his skills'/work to me, so I figured I'd be a good friend and help him out.

Gotta have your personal finances at the right level and gotta have enough saved to actually buy something.