Furnace is less than 10 years old. 5 Apartments; 3 Studios and 2 1bd/1ba - All currently leased on 1-year leases that switch to month-to-month at end of year.  

It's understandable that for some who have resided in one unit for so long there's a tendency to see themselves as owners rather than renters or perhaps to assume they have somewhat "special" than other tenants.This may make them more of a pain during the renovating process. 

Lots to consider still, at end if it fits your needs, thats good.

For example desert areas have a tendency to require asphalt roofs to be replaced much more quickly because of the wear and tear on them from the heat. 

You could always buy something for cash and the refinance it when the property  has proven its income producing potential. ( That's basically what I've done- I am a self employed person with a tendency to be "equity rich and income poor") Alternately, you could look in to a cash out refinance on those properties- but frankly, your low income is going to cause a problem with qualifying there too. 

In fact one of the properties we were looking at ended up with 35 offers on it.I think the thing is to just be patient. 

Full payment is due at end of term period. 

The people I’ve met who have financial woes and don’t manage money well, have a tendency to resent those who DO know how to manage their finances.

flood zone homes have a tendency to stay on the market longer so you have to take that into account.  

Generally these are the things details in the note:Current date Names of the partiesinvolved address as collateralterms of loan, which includes:how much the loan ishow long/durationinterest ratemonthly payment (derived from interest rate)when to pay (monthly, or at end of loan, etc...)any penalty for late paymentany option for extending the loan duration at end of termprepayment penalty or notWhat happens if you default As far as check deposits, you already have loan notes as proofs.