Have all your ducks in a row before going in.    

@Lars LottrupThank you for pitching in. 

Isn't the way every piece of real estate advice begins.My personal preference, in the current market, would be to buy more rental properites (assuming the market you are investing in is not over heated and can't cash flow.)You can absolutely get more than 10 loans as others have stated above.

I have 2 options:1) Purchase the property cash (hopefully for a lower price) - lets say $35k and then fund the rehab ($40K) cash - so my all in is $75k + closing fees.

We have that first thing you posted, except that it was a professionally installed unit that was manufactured and it looks nicer than just open duct work as the area it is used in is a finished bedroom in the basement.

About 5 business days in i looked at mls and they lowered listing price to 129.9.

I own my house and a Townhouse (bought it for family to live in.

That said, I would love to be able to get the tenant out so that way I can completely rehab the place, bring rents up and get someone in both sides that I approve of (I don't think they would pass my screening process).The situation I'm in is this...Owner of the house passed away (I believe) and left it to her daughter that lives in California. 

Pittsburgh does seem like a great area to invest in. 

For those of you who might be slightly interested in knowing the outcome of this, I joined a recently-established Listing Leaders group ("Team Cowboy") based out of Hammond, IN.