The lower price point of the condo might also work if I'm able to rent out the condo.Option #3: Buy a 2-flat: I've taken a look at a few in my area, and only one so far has been economically feasible, but it had a noticeably sloping floor that scared me away from the deal.  

I'd try to bump up your income though, and get a job that provide health insurance.

(Economics 101). 

My virtual help lives near Raleigh, and it's a city with great economic fundamentals.

Hey people, So, first of all let me say, I'm new to real estate investing and I don't work in the finance or economics fields.

I did use my ( self directed) Health Care Savings account to purchase this.  

Regardless of the year built, if you know your property cannot meet the health and sanitary code requirements for a rental unit then you have to fix it.

LLCs are often economical and often work well both from an income "pass through" and personal liability perspective.

The owner is a former resident of our town now living in California with some health issues and is looking to get out of the building.

Of course other micro-economic factors must be overplayed as well.