Getting analysis when starting out is pretty common, buying that first deal is a huge leap of faith. 

If it's rehabbed nicely, then you will no issues finding a tenant.

The issue is not the contract, the issue is going to be enforcing the contract, the individual who was selling this could hold this up for years and cost you tens of thousands in legal fees, and then they file bankruptcy and stall it another 5 years.

Will having money fix that issue?

Even at 30% discount, the QBO Plus subscription most Real Estate investors have to have is still $63+Tax.You may look at Xero, I heard they have the Class feature but it is cheaper, it's just not as commonly used as QuickBooks.

Also, townhomes are a great bridge property, it's a common trend that those in townhomes are aspiring for home ownership meaning credit sensitive and with that right mindset. 

Usually b/c if the deal is so amazing, the money is rarely the issue, and b/c those people that do have the money thus get to cherry pick for the 1 in 10 or 1 in 15 that is the MOST amazing of "amazing deals." 

Insurance is definitely an issue there, and will continue to be.

Duplexes are very common here and are much easier to find than a Quad as well.

Rentals have remained pretty hot outside of common slower times around holidays.