There are water issues and a frail retainer wall in back.

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Worst case you may need to dig out around the basement and build temporary retaining walls and building cribbing while you replace the basement walls.

Could you muscle through it for a few years until you build up enough down payment to refi?

You would be retaining the money for rent. 

I'd need to retain an attorney on an ongoing basis, I suspect.

In this form of seller financing the seller retains the title of the property until full payment is made. 

Like having a lawyer on a retainer?

@Nigel Rector - Ask him if he wants to avoid a huge capital gains and depreciation recapture tax (while retaining a monthly income) by owner financing it to you

Depending on your area, these are becoming very competitive (there is still a huge demand) so it is important to weigh the quality of service/management in order to gain positive reviews and retain repeat customers.