They are trying to purchase a home which was going through probate.

You purchased the home as your primary.

Taking a 15 year mortgage will hemorrhage your debt to income ratio and make it difficult to qualify for more home purchases in the future. 

@Rosette PooleRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I have recently started writing down addresses of run down or abandoned properties that I would like to purchase, but I only have the owner's name.

Hello- I am considering purchasing a property that is a main home (3 bed 3 bath) with an attached apartment over the garage (1 bed, 1 bath) with separate entrance.

Purchase price: $850,000 Cash invested: $335,000 Historic downtown Fargo property.

I even purchased his cash flow board game to play with my family.

When running your numbers, if purchasing a home that isn't new construction and less than $1MM, I would estimate 1% - 1.2% of the purchase price as your annual insurance premium. 

If you’re interested in assuming a VA loan, you will be required to purchase the home in your name and have enough cash to cover the seller’s equity in the home.