There are very limited circumstances in which it makes sense.We're mixing up terms heavily here. 

Since you're starting out with limited knowledge of real estate investing, you should seek legal counsel (@Jerel Ehlert), or at a minimum a very knowledgeable real estate agent.

Experienced landlords will tell you that a lot of applicants have sob stories like this and usually when you make exceptions like those being asked of you in this case, you end up regretting it in the end. 

Lots of time spent showing properties for rent, processing applications- running credit checks and verifying employment, We are not on call 24/7, but if ther is an emergency, the tenants have a number to call which is our local plumbing and water remediation Company. 

Even a corner lot would require over 40 feet of lot depth for the cars.Lets assume that you keep a 3ft side lot setback on each side, that will limit your building to 24ft wide. 

I would love to be all cash every time, but limited funds immediately puts a break on that strategy.

I’ve wanted to own rental property since back in high school but my real-estate investing experience is very limited.

So, I am hoping to set myself some limits and get some advice on how much work is to much work for a rehab?

I have found another deal that I believe is a home run and my resources are very limited. 

He is no longer interested in pursuing that kind of work or form of employment.The other guy has liquid cash limited.