I'll give you a couple quick thoughts.Homes in arrears do not make good lease options.  

Add court costs on top of your lost rent for a year or more and you quickly understand why it's better to just let them move and eat the cost of finding someone else.

Around us there are several properties listed with "currently rented" rates that make the deal very attractive from a monthly income point of view, but you don't know what you don't know.

Could we have a quick call to discuss further?

Thanks for the quick replies!

Would it not be easier to buy land as part of the cost and then construct a new fourplex that could easily rent out quickly for a good amount. 

The attic area is too small to get into so taking all that out will be a while.In the meanwhile I would like something to absorb the smell from the air quickly.

You will quickly learn that you don't have to get it all right from the get-go, and you don't have all your business "systems" worked out and ready to go.

Just a quick note on the $10k loan for the down payment.

Usually either a short term loan with goal of owning free and clear in 4-6 years (no cash flow, let the renters earn you a free and clear house quick) or a 20 year term allowing double digit cash on cash returns.