I'm just trying to figure out the smarter course of action.Since this isn't really an investment property, and will ultimately just be a hedge against inflation, if I'm lucky, I'm not sure if it's worth the hassle of another move to the unknown.

I am also estimating $20k in repair costs ($10k for exterior paint plus $10k for unknowns).  

P.S. i think your "mother/sister" grumpy mentor K.Marie Poe managed to step the wrong toe-fingers....she is Account unknown now....Pitty, i liked her posts/advices as a novice investor

We feel the most important aspect of financing is creating a channel of communication that removes any complications, concerns, and unknowns.

By mitigating the unknowns, you can be on your way to a profitable rental property. 

As an agent/investor, I see SO many new people paralyzed by their own fear of the unknown.

A) Buy out investor 1 with cash or assumed mortgage, finish rehabbing house in your name with various unknown defects from shoddy workmanship, sell it at / near retail, and pray for no future liability issues.

Most all investors can attest that unknowns and problems will come up, whichever strategy you use.

Looking to invest outside of NY also but too many unknowns for me. 

So many unknowns!