With a property that's held a business like this, you must investigate environmental issues.

The adjustments are that I must be very conscious and particular about which acquisitions to take down.

Then, you set a new goal and continue the cycle.The only way to fail, then, is to consciously choose to stop repeating they "success cycle".

If it's a commercial real estate loan that you are seeking in addition to the origination fee you will pay for the appraisal, a Phase I environmental and perhaps a property condition report.

It sounds more legit now, but I still am hesitant because I do not have enough time to have an inspection and environmental test done. 

What environmental issues does it have asbestos?

You will need to build a team that has the experience that you lack (commercial land broker, zoning attorney, entity attorney, real estate attorney, civil engineer, environmental engineer, surveyor, residential architect, general contractor, construction manager, etc).

If you have one SFH worth 500k and it becomes vacant for 2 months, obviously you will feel it more than if you had 5 100k SFH's and 1 of the 5 became vacant for two months... something to consider since you seem risk-conscious.

Assignment and Subletting, prohibited uses for property, remedies for default, Tenant requirement to have adequate insurance,  Utility Bills, Tenant Interior maintenance responsibility, pest control, damage by vandals, Signs, Improvements become landlord's property at lease end, damage and destruction, Tenant Public Liability Insurance, Environmental, and any addendum's.As you just read, these leases are more complex and require professional representation as if you are trying to save $1000.00 by representing yourself and the lease has loopholes than you are opening yourself up for losses that can far exceed your initial savings.  

I am 20 years old, finishing up my sophomore year of college at the University of Michigan studying Economics and Environmental Studies.