If this tenant's lease can be broken, most of us would be very happy.

Cash purchases should be avoided, you will loose credibility with your partner.A cash withdrawal from the company account might be broken out for small supply purchases, for example, or copying a key, but each purchase must be verified with the receipt; receipts will match the total cash withdrawal.  

We set this up with a 12 month goal, but it's broken down into a smaller 12 week goal.

Holes in walls, broken cabinets, etc are reimbursable.  

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I have found some info on the home and it turns out the owner "lives" there on paper but this property isnt fit to live in in current state (Front door open, broken windows, landscape overgrown, etc.).

However, she has more current debts than I do and we would have to structure how the cash flow would be broken down between us.I am curious on what your opinions are on which strategy seems more feasible or better for starting off?

If the slope/uneven floors aren't too bad I wouldn't mess with it, just make sure the joists are good and that they haven't been cut or broken, if there has been normal shrinking/settling thats common . 

If so, I would think that it isn't groundwater, as that would fluctuate at least a little, and you are likely dealing with a neighbors broken main. 

He noticed sagging in the floor indicating the main girder is probably broken, and water leaking in through the roof (it was raining at the time).