If you made a decision that doesn't match your qualifications, admit your mistake and make a better choice next time. 

My idea was to see if it's possible to take over both loans and fix main house up then refi and rent out the main house.

Yet, when your in a different State and trying to sell your home, and you must rely on the contract that you have made with a Realtor you have spoken to on the phone and a home inspector, your choices seem limited.

I asked the chimney contractor for his license # which he gave me  After the work was complete, and closing docs have been signed the buyers agent informs us that the the chimney contract license was a business license not a contractors license and that we now need to pay $5,000 to have the contractor of the buyers choice do the repairs.  

Aim for a property that requires mainly cosmetic work.

Additionally, you are not limited to only three choices. 

@Anthony Nguyen the main issues with 203k are that they are very complex if you don't do an FHA 203k streamline loan.

I figure I can get $5000 combined rent from everything. 2000 large shop 1000 small shop 1000 main house 600 Apt 400 efficiency.

That's one of the main reasons people like to know cap rate - financing options may be different for different people.

However they struggled and lost their main office showroom to foreclosure.