I lived there for 10 years.

I wanted to invest where I wanted to live and I am also from Elgin so am constantly headed further nw. 

Our plan is to live in one side and update the other side before renting out again.

If your medical condition qualifies as a disability and your current living situation isn't suitable, you might have grounds to break your lease without penalty.'

Some of this may have been grandfathered in, but now need updating.I would pay the extra say $50,000 to have an Engineer firm go over.

lived in Ocala few yrs ago.

I don't do this for a living and have no real world experience, but at 40% down, even with a 7% int rate, that seems like a high monthly payment.

I've personally done just about every rehab scenario, properties I've lived in, properties bought as investments and even properties bought at auction.You've gotten good advice from folks on this list.

First, estimate what the renovation would cost, how long it would take, and how much extra you could potentially sell the property for once it’s fixed up.

The people within your subdivision may sell the house for you, as they may have family/friends who want to live close to them, and people are always intrigued by new construction in their neighborhood.