You are definitely in the right place to boost your journey!

Right now we have a contract that states we have a ballon payment/what i owe them is due before or at 2 years. 

4 units are great because they give you the option to rent some units out while you're working on fixing the other ones up and there is a lot of rental demand in Cleveland and surrounding neighborhoods right now, so it's a great time to get in the market!  

For furnishing short- or mid-term rentals, finding the right balance between stuff that looks good, but which also offers solid durability and keeps your budget in check can be difficult.If your budget is your driving factor with your design decisions, I'd start surfing on Google image search or Pinterest - find a picture of a finished room that you like, and then reverse engineer it from products on Amazon and other similar budget-friendly sources.

They are NOT written for when things go right.

If you are the highest bidder, you usually have to come up with a payment to secure the right to purchase the property.

Any opinions out there on if I would have any legal right to get the earnest money returned to me or should I just be happy he is willing to let me out of the contract and consider the $2,000 em cost of doing business?

This isn't common but we have had the following happen: former tenants, boyfriends/girlfriends staying after the lease holder left, family/friends of a neighbor in a multifamily situation, former owner or owners family after a foreclosure. 

I have not done any real research here, but this does not come across as a mismanaged property that will allow a "more focused" owner to step in and right some wrongs.  

I currently live with my parents so I don't pay a lot in rent right now.