I opted to  provide my renters with a yoga mat, hand weights and the house pool is great addition to get some exercise! 

Are there other issues like lack of venting, S-traps, etc which can be corrected without a complete replacement.

My Dad got into Real estate in 66.. at the time we lived in an Apartment and he had a mid 50s VW with no back seats :)  but he boot strapped it and within a few years things got a lot better when he discovered working for commish and frankly he was a good salesmen.

We boot strapped and DIY'd the Reno.

They take the guts out of it where they shoot it, and then strap it onto the trunk of the car or in the bed of their truck and take it back to their house, and hang it upside down from a tree limb to let the blood drain out of it for a certain amount of time.

The 2 acre frontage would need to be developed into some other usage such as small office, retail, laundry mat, construction business office location (my buddy knows some people). (2.)

Finally he found a floor mat that had migrated over the air return vent on the floor. 

The last tenant had a suction cup mat down and whatever cleaner they used just sat underneath and ate the finish up.

Besides finding a good investor friendly real estate agent, if you're strapped for cash, then door knocking is a cost effective way to land some off-market opportunities.

@Mark Graham IIYou could sell the property or refinanceWhere people make the mistake is think they can overpay because they are seller financing and have negative equity in the property - so when they are cash strapped or need to sell they cannot because they are underwater