I negotiated the financing, secured the permitting, worked through the regulatory process to get the conditional use permit, GC'd some repairs, and operate the company that is the tenant that pays the debt service, taxes, and maintenance.

Improve the condition through renovations.

Lenders are looking at credit because it is the best indicator on weather or not you will pay the note back. 

The biggest thing I learned was, I am an agent and in this situation, I could have explained early on what the sellers could net in the current condition and explained all the buyer pitfalls.

Shiny object syndrome holds back more investors than any market condition!

Or homes up for auction that no access to the inside was available where maybe someone snuck in a window to get a feel for the condition of the property.

If you are working in areas where you may commonly come across properties in this condition, work to build your network of professionals and personal understanding of redevelopment costs.

Another thing to consider - the condition of the home. 

That is great information to have and awesome to hear that you were able to find a place with some of those big ticket items in good condition! 

For example your nightly rates, leveraging cleaning fees as secondary cash flow, overall guest experience, quality/quantity of photos, and property condition.