We had found and amazing house with amazing price, still needed some work as the interior of the house looked a little outdated.

A bit outdated but helpful for this question  - https://internationalsocialhousing.org/2017/05/30/10-of-the-...This article outlines the pros and cons you are looking for - https://www.ohiorentalmanagers.com/should-i-accept-section-8...

The property is roughly 6,000 sq ft, 6 units and the rehab budget is about $450k.Is IEBC 2015 outdated tho @Steve Sandrews?

Electrical gets outdated. 

Plus depending on how they look they might make the house look outdated.

I've taken into consideration that yellow letters may be a bit outdated, I just figured they're more personal than a text message or email nowadays. 

It might be *slightly* outdated. :)  And thanks so much for the encouraging words!!

So to start this is a master lease and the terms are as follows.Rent paid to seller monthly: $1,500Down payment: $40,000Option to purchase property in 5 years for $175,000Or scenario 2 (whichever seller picks)Option to purchase property in 10 years for $125,000A little about the propertyLocation: Rural area so some rent increases and appreciation but nothing drastic4 units with rents at marketCondition: 4/10 livable but outdated and some deferred maintenanceMonthly NOI: $1,861Market Cap Rate: 9%Is this a good deal or would I be screwing myself?

You will not have a difficult time finding a broker who will work with you under these circumstances so don't rely solely on an outdated business model used by the broker in question.

Also, I am concerned about the possibility of squatters in the future, in case the guest doesn't actually check out at their designated check-out date.