Your lack of patience will complicate and compound the mistakes you will make.

However, anecdotally, when renovating our duplex there, one of our employees who grew up in neighboring Andover made a comment that we bought in a good neighborhood, and to make sure not to touch anything on the Bow St. side of Central; which is definitely where your prospective property is located.

So another $175k just compounds my cash position and need to spend.

You can compound the cash through flipping and developing much faster than buy and hold.

Do I need to do anything after removing popcorn ceiling like put some drywall compound to it or i can add texture to the ceiling right away?

I'm over in Bow and you can't touch the 1% rule, houses are starting in the $230k range but rents are probably somewhere around $1800 not to mention 7k worth of taxes.

Be sure to discuss prepayment penalties and or discounts, possible extensions of balloon payment, lenders title insurance, minimum property insurance limits, how the interest compounds or if it is simple interest, and also a due on sale clause.

You can also do a covered call option, which is pretty safe and compound the premiums paid to you (just do it on a stock you wouldn't mind owning and pays a dividend).

That stuff gets in the ducts and leaves behinds dangerous chemical compounds .

Person B owes 40k on the home, is tired of it and wants it sold outright.