We have almost $30k of built up passive losses from depreciation, repairs and improvements.

I have been told that is there is an insurance claim and you did not get a permit they can not pay for the improvements you did.

.-5% for capital improvements (capex).Those last 2 numbers are based on average expenses for Columbus multifamily properties that I've observed over a number of years.Don't forget there are other (small) expenses such as legal, etc.

I have very good solid income but having a hard time with banks at this time, it looks like in 7 months my credit score can improve strong enough to get a mortgage.

The loans are typically for 7 years so I imagine they would be useful to partially finance or fund improvements to the business.

I will take the next year to learn as much as possible, network and make connections, improve my credit score and stash away cash for that first deal.

The prior owners had the property forever and it was assessed at a total of $150,000, $50,000 towards land, and $100,000 towards improvements.

A town or county could purchase the home in order to improve a neighborhood or offer low income housing.

PM me if you want to chat about a few strategies to improve credit.Best,David

However, it's safe to assume their will at least be some form of rehab/improvements/maintenance made to the property.