And oh by the way, you're sitting on 60k in equity right off the bat. 

If you screen your tenants properly, buy the right property and have the right team in place you can be successful. 100%, so many sit on the internet and say OMG I'm not buying there, GOOD more for us!

I am having my first sit down with someone who is experienced in real estate financing and hoping to make my first purchase within a year.

My wife and I approached him to discuss buying it from him since it is simply sitting.

The best option is to sit and talk about the situation. 

My plumber went and discovered tush wipes sitting ON the toilet tank while trying to test the toilet.

This spring I had additional french drains put in between us and the house that sits a tad higher on the slope of the street above us.

Sure it works to get your money out, but when you when try to rent the property out, you are sitting with vacancies, low quality applications, and if you try to sell you can't nearly get what the home appraised for. 

Sit down with a pen and paper and reflect on the beginning of this tenancy.

I think Navajo White and white goes well with renters tan carpet in some bedrooms in some rentals.I did A study mockup of  @Johann Jells beautiful bay window room in close to those colors.Windows like that to me seem very calming and serene, especially upstairs I like them (which was my motivation to re color the pic a little.And if you want you can picture me sitting in one of those chairs with a cup of coffee and a good book--because that is where I'd probably be.Good Luck!