Experienced renovator but newbie investor + single mom with 2 kids, 9th and 4th grades.

If you invest in D grade assets you will run into the real nightmare tenants which I dont recommend.

When does an investment grade tenant typically renew their original lease term? 

You could easily grade the area, add steel edging and install decomposed granite with a hardener or stabilizer to create a low cost patio. 

Hard woods are valueable and some more valueable than others. 7 acres is too small for any general mill that makes typical 2x4s but can be worth their time if you have furniture grade lumber.   

I assume people are going to want rental-grade finishes, so your budget should be enough for the down payment, enough for reserves, enough for rehab, enough to cover costs when you don't have a tenant, etc.If you have $12,250 saved (3.5% of 350k) and THATS IT, I'd argue you are still nowhere near ready for a property like that.

In addition I'd like to drop you a link to The Ultimate Guide to Grading Kansas City Missouri Neighborhoods.

Give The Ultimate Guide to Grading Cleveland Neighborhoods for more info there. 

As such I figured I'd drop you a link to The Ultimate Guide to Grading Cleveland Neighborhoods to help you assess the risk level of each investment you make going forward.

Good grades; good student; good renter.