Another concern I had was the unit I’d be living in is very tight.

However, I seems like you’re more concerned about getting some VALUE from this, like any investment.First attorney I consulted with (over 40 years ago) wasted my time and money and taught me nothing except that he was ignorant about topics I wanted answers to. 

My concern is with the tenant already signed their lease the timeline is tight.

Heather Fruge-Nickens worked tirelessly to rip Us off concerning our security deposit.

Does anyone have experience and want to discuss puting inexpensive prefab/modular homes (not mobile homes) on vacant lots?

@Harshit Tewari You are wise to be concerned about the tenants damaging the property, but what specific background check documents do you think will save you from this issue?

My concerns is how should I handle and dealth with the temants when they become very demanding in terms of fix/repair things. 

There's a limit to how much repairs can cost vs. a complete raze and re-build(will check current regulations to see what they are).My only concern are the liens and the problems inside.

I always, ALWAYS go financial first, replacement second, and if IF there is not a really good concurrence there than I add in comparable solds because in commercial there is rarely an accurate comparable sold far as "like kind" is concerned.     

However, the property I'm looking at is larger than other houses, and to make it a viable investment, I'd need to rent it out for about $2,600 per month.My concern is that anyone renting this property could instead take out a mortgage on the same house, with monthly payments exceeding $2,000.