I have no experience with those.Read the book, join an REI group, and hang out here-you will be fine.

Looking at the Year 1 data is typically enough.It also calculates Cap Rate, 1% Rule, and Cash on Cash return percentageI think the 1% rule, CoC, Cap Rate, and some other metrics are fine for comparison sake but none are a one-size fits all.

As long as they were getting payment from this relative things were fine.

Since you are only renting 1/3  of each year this is probably fine since it is < 24 of 60 months but I am not a CPA.   

It being a 1910 is fine. 

I can only assume the lawyer got his law degree from a box of Cracker Jacks.The Governors office has already stated that if he proceeds, he will be in violation of the law and subject to a $5000 fine. 

If he or she is just handing someone some keys or call a repairman for you, then you are probably fine, but better to be safe than sorry for not hiring a professional property manager to oversee and manage everything on your behalf

So the purchase can be above those amounts and as long as you put enough down payment to meet the maximum loan amount, you should be fine.

I might fix the floors when it comes time to replace the existing flooring, but if they are fine structurally then leave them. 

It may be fine just the way it is.