So I'll be a sponge for a bit and soak up everything of value I can to better prepare myself going forward and reduce my chances of failure.

I've  made some amazing upgrades to our new home and I am currently making upgrades to our old home preparing it for rent.

I have flipped single family homes, built spec homes, had section 8 rentals, and prepared due diligence packages for friends on a commercial scale. 

Do your math and be prepared for what you are willing to pay to get the property.

Under any of these three scenarios the landlord has the absolute right to take possession of the premises, change the locks, and prepare the premises to be re-rented.

And I'm not against Section 8 at all - it's just that people who aren't experienced with it often aren't prepared for the particular challenges of that segment.

You may want to consider buying Non performing notes secured by multifamily, but I'd plan a heavy capex program to stabilize and be prepared to dispel any negative press as negative past tenant reviews can be detrimental to stabilization. $10k-$25k per unit is more conducive with mobile home parks, which may be something to consider also.

I am not inclined to cash out my IRA ($1.2 million), but I was just trying to see how I could use that money to generate some return better than the current market yet prepare to retire at 59.5.

I would just get it tested and be prepared to dish out some cash to get it fixed.

Nevertheless, the path of least resistance will likely turnout to be rockier than we have anticipated or prepared for.