So I feel like I have 2 options. 1.

DSCR is a great option, but not as great as Conventional.

We are, conservatively, about 10 years from retirement age.Based on your situation, it seems like your best option may be to proceed with building a home on the property you already own.

In any event, I don't believe a 1031 is an option here because you didn't buy the property to use as an investment, you bought it to fix and resell.

Using a bank is the cheapest option and highly recommended.

Hello BP Community,I'm exploring options for a commercial property in Long Beach, CA currently held in a living trust.

You might want to research this option. 

They're both reliable options with good flushing power and low water usage, which is great for a rental where you're footing the water bill. 

Well Karma, my advice to folks is: Go residential and learn how to solve problems for sellers and buyers.There is a video on upper scale homes that have little equity herehttp://www.selectleasepurchasehomes.com/ Learn sub2, lease options and wraps for controlling or acquiring. or....

Lots of options but you will want to select a sponsor with a track record and an investment you are comfortable with.Make sure to do lots of due diligence