I know it's going to be a bear to restore and maintain but I can't help myself.

Styles vary, of course, but I have had good luck with tub selection and value at Signature Hardware as a more affordable alternative to Pottery Barn / Restoration Hardware. 

I own a company called Master Care Restoration Company.

@Wayne Brooks I have formed a really good relationship with the owner and she wouldn't want anything more than to just see her family home restored again.

You'll soon end up with a cash flowing property surrounded by neighbors who want you to succeed.Add "place making" and neighborhood restoration to your business plan if you want to consider a larger pool of properties that match your criteria.

A “sunken” house in a flood zone often requires more work to restore than is financially feasible.

Example Mr.Seller if you simply must have all of the money up-front I could probably pay around $30k but if you will agree to seller finance the property I could pay XXX amount after I restore the property and sell it.

the tenant goes to rent board, seller and buyer would have to refund rent back, and tenant gets restored at prior rent amount?

The downside is most older homes will require more updating and restoration, but don't let this deter you if the property is in a great location. 

I've actually done a number of fire restoration jobs, although it's been more than a few years since the last one.