Caveat- I have not specifically looked into this and this is not intended to be relied upon as legal advice.The best person to ask would be the county prosecutor in charge of environmental issues, or someone at the county board of health.  I

@Kendrick Smith make sure to have a healthy reserve just in case.... as others have said, stabilize the property and take it slow.

Fair Credit Reporting ActA consumer protection law that regulates the disclosure of consumer credit reports by consumer/credit reporting agencies and establishes procedures for correcting mistakes on one's credit record.fair market valueThe highest price that a buyer, willing but not compelled to buy, would pay, and the lowest a seller, willing but not compelled to sell, would accept.Fannie Mae (FNMA)The Federal National Mortgage Association, which is a congressionally chartered, shareholder-owned company that is the nation's largest supplier of home mortgage funds.

Even here in Omaha, making a healthy six-figure salary, it would take quite a while to save up $100,000 to buy a single family home.

This is a more time consuming process because time and work needs to be done to fix up the home and money needs to be invested into rehabbing. 

And that's probably to do with it being customary vs actually that time consuming...

There are more billionaires now than in 2016 so it would be time consuming for me to determine what percent of them had significant RE holdings.The top of the billionaire list is full of entrepreneurs as you indicated but in 2016 just over 10% of the billionaires had significant RE holdings. 

Profit has to be made in order for those products and services to continually be offered, improved and consumed. 

Even with a healthy down, your ROI just gets hit that much more. 

If you are going to consider this as a possibility, before make any commitments, I think you should see a therapist-- especially if you hope to maintain a healthy relationship with your family.