Honestly, the find an agent and find a lender tools on BP are great, they can help get you hooked up with some solid options.

If this is not an option, then I would definitely talk to a restoration company first to see what this will cost.

One additional note is that this cannot be financed through a conventional loan nor can it be used as a short term rental because I would be purchasing the building on the land owned by the association, which I'd have partial ownership of.I am considering offering $240K cash, or a lease option, with the following terms.7 year lease @ $1K/month with the option to purchase at $225K at the end of the lease. 

Even if you don't sell it, it gives you the option to rent each side at a premium because the units are now each 4 bed 2.5 bath town houses, so they demand high rents. 

Abe, Some solid options here.

Just an option for you.

Hi Sethu,I'm not sure how high your DTI is, but if the overall DTI is less than 49%, there are options out there for conventional.

Hiring a runner and using them as the emergency contact would probably be your best option.

None available forever. 200 and 400 are the main options.

Some options here - What is the rental strategy - is it leased or vacant?