However; having a home built on the lot yourself would alleviate the risk considerably.

The exterior isn't in too bad shape, and the interior is going to take alot of weekends and sore muscles.

I would say ABSOLUTELY stay away from landlording.If you want to flex your artistic muscle, I would suggest rehabbing.

I like to exercise that "risk muscle" that Frank McKinney refers to all the time.

To alleviate your fear, use a Purchase and Sales Agreement that states that your earnest money is full liquidated damages if you the buyer do not perform.

In large urban areas with relatively concentrated housing, there are generally a large pool of ready buyers so as a flipper it helps to alleviate the risk of being stuck with inventory. 

If it were me, I'd start with painting the ceiling & walls to see if that alleviates the stench at all.

I actually mistyped, the house is 3 bedrooms, 1 full bath, and 1 half bath, which would help alleviate 3 girls in one bathroom at once!

Literally have a house in Indy on a street for $150K, on street over all $30K properties, weird but glorious opportunities.Drop me a line I have some war stories that may help alleviate your [email protected]

Under this scenario, you would have mortgages (currently 740+ credit gets you 4.875% on a 30-yr), but you would also have 25% - 30% equity (or more if borrowing created anxiety for you) to alleviate much of the risk.