The biggest headache I have right now is having prospective tenants not show up to their showings that have been scheduled where I end up going to the property and sitting and waiting for 30-45 minutes.

I really don’t have time to sit on a phone for 2 hours trying to get them to figure out what’s wrong.

Example of the deal I'm looking at: Purchase price (240K) ARV (350-400k), rehab (50-70K), home sits on 2.6 acers, the lot is flat but has trees on it. 

If the money were sitting in the bank, you'd make double the income without tenant headaches. 

. :-)   I recall anecdotally this being pursued as a pedofile/recording children in their bathing suits thing ... 

It's not clear in your post, but if you're planning to buy with an FHA loan and then rent the property out, you might be committing mortgage fraud.I'm no longer a Realtor, but as I recall, FHA is for owner-occupied properties only. 

The best comp I found is listed today at $900k, been sitting a month and is only a quadplex.

Sitting on 200k NOI is an amazing position to be in, and not one you need to exit if the current lending environment and market doesn't favor it.

Go into your basement and measure the height of the bottom stair that sits on the concrete.

Tenant reached out, sharing that her landscaper pointed out that the concrete slab/foundation where the well water system and AC units sit are "deteriorating."