Property has to be in habitable rentable condition. 20% down if can cash flow with PITI. 

Plus though the house is currently inhabited, it's in rough shape.One option, @Randy Johnston, is to do what you've done with empty lots, which is to get it all permitted for an industrial use and then sell it to a developer so they can be ready to go at the time of sale.  

I have a tenant who is suing myself and my property manager for claims of negligence and inhabitability.

That goes a long way to making sure property owners keep up properties and keep the neighborhoods and city a nice place to live for all and safe for residents.As I told some members on City Council I have never met a landlord that wants to poison children, but that it isn't fair to go into an existing property where an investor was operating under a certain understanding on expenses and income for the property and suddenly tell them the property is not inhabitable and force them to immediately come up with piles of cash on the spot to get the property in rent-ready condition again.

The little details that are awesome in a personal residence tend to become annoying fixes while tenants are inhabiting them.I would find out exactly how much the following expense are going to cost you each month.

There was a ton of stress involved and we would've been better off to pay more for a place that was in habitable shape.

That means they will be co-inhabiting the place for 3 weeks...in a one BR unit.I am not excited about this arrangement. 

Wow, congrats on the change in habits and mindset!

The complete pack of muppets that inhabit that place blows my mind. 

The coldest inhabited place in the world (in Siberia). -90F temps, -60F every year. 10 month winters, 3 week summers.