Gotta ask ya, and I'm not being a smart alec, but if the foundation slipped 2 inches in 47 years it may not be a massive hurdle unless you're seeking to make it perfect (or the cracks look brand new). 

We knew the area was hot and location was perfect.

I'm reluctant to "grab a falling knife," but also know that perfectly timing any market is impossible. 

What are some of things we should look out for when looking for a private money or hard money lender? I am currently looking for one to use in the future . Also, has anyone had experience with a gap funder?

However, paying to be released from a contractual obligation is a perfectly normal transaction in the course of many businesses.

This is going to be a fun journey for you and hopefully profitable.This forum has tons of great content so whenever you have an issue I'd search and see what nuggets pop up.As for random tidbits of advice -- get a good cleaner, worry about the 5* ratings, don't worry about making it your home (and make every little detail perfect). 

Brandon Dyles with Picture Perfect Home Inspections.

Perfect example for Service members helping service members.

It could take you a month to find your first renter, then they stop paying after eight months, it takes two months to kick them out, then a month to renovate and find a new renter, and the cleaning and repairs cost $3,000.12 months of mortgage, taxes, insurance = $1,400 x $16,800Total income this first year: $1800 x 8 = $14,400Add four months of lost rent ($7,200) plus cleaning and repairs ($3,000) = $10,200 $14,400 - $27,000 = -$12,600If everything went perfect after this first year with no vacancies, no maintenance, no expenses, it would still take you 31 months to just break even.All investments involve risk, but it's calculated risk.

As you know, with a real estate background, it makes perfect sense!