Something that has movie theater, bowling/mini golf etc. something for family and people of all ages to enjoy.

I own another brick, slate-roofed foursquare city home of the same size, age, and condition on the other side of the river, less than 1.1 mile away, valued at $25K.

The bones are good, the structure is sound however there are many aging "systems".- Gas Boilers - 30+ Years Old- Hot Water Heaters - 10+ Years Old- Electric Panel - Upgraded within past 10 years but could be upgraded even more- Pipes are old, corroded, and some leak often- Windows/Doors that haven't been updated require much more labor to remove/replace as the wood is often rotted- Roof is old, has recent touch ups but will need a major repair down the road (10 years hopefully)- Interior is covered with old wall paper, most walls have multiple layers and are a PAIN to remove- Also, shag carpets were apparently a thing back in the day so get ready to rip those bad boys up and replace them or refinish the hardwood if possibleThere is much more of course but those are some that I definitely noticed right away and are what I plan on tackling, priority wiseAny questions let me know!

You may be a "Preferred Type".If you don't come across as a Hobo or a Tramp, and your demeanor is not scary to people, and your not actively using drugs, you're best bet to solve the problem quickly is to look for a room mate situation.Try to find someone in your general age bracket who is renting a room (Craigslist roommates wanted).Don't be too picky at first about fixing old furniture, just get inside and then try to move up later.Then be a good "Clean" roommate who causes no problems and pays your portion of the rent on time.You can find these situations in apartment complexes and in homes.Some will be month to month vs a longer lease. 

Between now and then would like to build a portfolio that will allow us to retire by age 55 at the latest, while maybe even providing some cashflow into our pockets along the way.

How much can age of home effect end game completed rehabs?

@Shiloh LundahlThis is really awesome to get your daughter involved at a young age .

If it was me, I would purchase it with a 203k loan, renovate with the funds in the 203k (although you can't do the reapirs yourself with this loan I believe), use the house as your primary residence and either get roommates or use the extra rooms as Airbnb/VRBO to generate income (might be appealing as lake property) Take a line of credit on the property, being careful not to over leverage yourself, and use the line of credit to either get into flipping/wholesaling or find another cash flowing property and begin the Snowball effect rolling all your profits into REI and working towards financial freedom at a young age. 

I’m not sure what it is...age?

Taxes, local laws, getting to know the risks inherent to the local economy, agebuilding a team despite language barriers (our Italian is a work in progress), age of the structures there, management from afar, and SO much more.