If the mechanicals of the home (plumbing, electrical, roof, and HVAC) are all centralized to a single unit, I think your home inspector stands a much better chance of spotting an issue as opposed to a multi-unit with multiple independent systems that may or may not be accessible due to tenants.As for closing costs, try to push the closing date until you have the funds available?

Are the mechanicals (furnace/boiler/water heart/appliances/etc) of the property sound or are you going to be making an investment in these in the near future?

Treat this the same way you would any other type of new business, whether it be a grocery store, auto repair shop or landscaping business. 

It was full of people I didn't know, including the daughter (home on a school day), the older son playing Grand Auto Theft for hours (had lost his job).

Your lease should spell out whether the lease auto renews, whether it is done at end of the lease term etc... 

BTW, a very good way to begin understanding the terms and mechanics of buy-and-hold analysis is to use the calculator and learn every calculation it is making.  

I'm also rebuilding a little 50cc ATV with the kids to attempt to teach them some mechanical skills and the final parts came in last week.I welcome any advice any locals would have and am excited to be a part of the BP Family.

The mechanisms, documentations, effects, and opportunities are the same for SF, MF commercial, raw land - any kind of real estate. 

Read Mike Butler's Landlording on auto pilot book.  ....or sell me your house :)  Either way....happy to answer any questions. 

Marketable title is one that has "manageable" encumbrances that can be cured prior to closing, examples of such encumbrances would be a mortgage, mechanics liens, municipality or code enforcement lien, etc.