I actually tried going this route myself and I can tell you that almost none of it translated into becoming a mom and pop local investor.

I'll be talking to that seller as well (via my friend who will translate) and taking notes about the state of her home.Any of your 3 scenarios to acquire are sound.Just my 2 cents.

Basically, we pay interest every month or the lender gets the house and the rents.So let’s do the math, a $50,000 loan at 8% interest would translate into a monthly payment to the lender of $333.33 per month.

Of course, I'm not sure how much that translates to investors of low income properties.

Not sure that will translate to higher reimbursement rates which will mean increased income.  

We need help with basic stuff like reviewing and translating various contracts/documents before signing, helping us draft needed contracts, provide some boiler-plate stuff, etc.

If the tenants do not speak English make sure you hire a third party interpreter to translate them for the tenant.

Always remember to translate the terms to your deal to see what the expected financing costs will be.  

If you have a day job, time spent on demolition and construction can translate into lots of lost evening and weekends.

During this time, the Tenant was about to move in (Section 8 / CHA) and thats when everything got lost in translation.