Try to find a BRRRR multifamily deal and live in one unit and house hack it then rent the other units out. 

Take a house that sold at a low price twice in the past.  

Your biggest issue is that $50k may not let you get a nice house and have any reserves.

My initial idea was to find a house in the &150k-$200k range and flip it for $300k-&350k.

Don't forget to annually mark time for vacation or family time.You might consider hiring a teenager part time if there's something that is time consuming (for me, putting out 20 open house signs then picking them up).Best to you!

Once you land on the right PM, transition everything to them.As others have stated, four houses is not a big task.

Rent To Retirement sells new construction houses in growth markets, so your comments don't really apply here.

As for the decision, it's really tough for any of us to say without knowing your goals, your situation and the numbers on this particular house.

Those houses could rent anywhere from $1,600 per month to $2,000 per month. 

My plan was to purchase a lot and build a foundation, bring in a doublewide/manufactured house. have it placed on foundation and have a structural engineer reclassify it as fixed real estate. then, I would refinance.