Slumlords usually band aid everything and you want to fully understand what you're getting into.The only way I wouldn't purchase a property like that is if I did not have the ability or resources to turn it into a better, more livable property. 

The good thing I've seen with short-term rentals is the ability to try it out for a bit and then have the option to go back to long term if the STR doesn't pan out.

I get a call out of the blue from the former owner, who I have never met, who says he got a bill for the property for the last few weeks for $75. 

I would plan to just go ahead an vanilla shell the remaining half while I'm at it (surprisingly few people want the ability to customize their space, they want it to start as vanilla). 

The perfectionist in me wants to upgrade those elements, but I'm getting top-dollar rent in my area in it's current state and no problem finding good tenants.

Sharing  some resources and responsibilities, the ability to care for another and our talents and gifts would be ideal. 

Analyzing properties in your own town will help you understand when a deal appears and give you the ability to move quickly if able.

Just hoping to have the ability to invest even more with the increase in expendable income. 

The loan is based on the ability of the building to generate enough net operating income to cover the loan payment plus 25%.That being said, the lender wants to be sure the buyer / borrower has enough experience to properly run the building.

The rents will let you live there for free, thus increasing your ability to save far above what little cash flow you'd get from a rental in this market.