Asbestos, lead paint, ancient wirings and electrical box, there is plenty that would disqualify it for a mortgage.

#id=757bbd2d07704a9bb684a1e88ca681c9b.Type address in upper leftc.Hit areas in pop up boxes to the rightd.Does it show Overlay District?

Not sure how that could work other than profit sharing on net rent income.... was thinking possible sub-2 on the mortgage but I'm a 50% rule believer on the rents so a 30 yr at approx 600 a month would have worked immediately in my mind relative to the 2400/mo rent ...I'm still too green to see out-of-the-box possibilities, if they even can exist with this situation.  

@Marterio JonesWelcome to bigger pocketsIn Florida it's helpful to be a real estate agentThere are two strategies to look atOne is a lease option assignment where you enter into a lease and option with the seller, and then assign the deal for 3% of value or soTwo is a lease option sandwich where you lease-option from the seller and then sub lease and sub optionUnless you have three months expenses  of what you pay the seller, I wouldn't do the sandwich I would do the assignmentBe very careful what you call "paying Equity" you are leasing from the seller in a landlord-tenant relationship, paying market rent or more no lessThe option is a separate contract that gives you the right to buy from the seller,   then assigning that right to buy from you to the tenantIf you want some more detail into lease options, go to the search box and enter lease option Brian GibbonsBest of luck to you

I'm trying to check off the boxes as I learn.  

I think you should use the search box and read up on what you want to know.

The only reason I mention this is to show that you should be able to find a reputable person that could do the same for you locally as sometimes you just have to think outside the box. 

The property that we did get was less than ideal- funky layout, knob and tube wiring, fuses instead of a breaker box, badly needing paint and insulation and flooring...  

It's better if you can get a construction lock-box set-up and set expectations that a partner or potential investor will need to also look at the property.Find out from the title and escrow if they do double-closes.

Also, check the electric and make sure the box is big enough to support a duplex.