It's important you study the law and prepare for this because it's likely to continue happening to you. 

Hey @Molly Ronan, you've discovered the dirty little secret! 

I discovered that the current owner has numerous complaints filed against him from tenants and it paints a vivid picture of him being a slumlord(numerous of post are saying don't do business with this guy!).

I spent years studying before I finally pulled the plug.

I imagine the possibility of building some large communal areas (living, dining, kitchen, work out, study/office, playroom) which will be central to some clusters of 2-3 rooms for sleep mainly.

My situation:Renovated a home purchased for about $166k back in 2018, and for the most part, it looks like a better home, but there were some issues discovered that I didn't notice during the inspection phase.

I discovered and learned all I could about the option agreement and selling the option, so I went and spent god knows how much time doing my best to write a thorough contract that is legal and hopefully good enough so the lender won't have any issues with the contract itself.I cannot express my gratitude enough for all the advice and help.

When I finish school in 2 years my intention is to do this after I get a solid job, similar to your situation..I'm looking to do this in Bradenton, Florida though, I will keep reading and studying but eventually will pull the trigger when the time is right

Discover your spouse's gifts and see if you can get them fully deployed in your real estate business. 

I have been working in the Finance world for the last 6 years as a licensed Financial Advisor and have been studying/investing in real estate along the way.