Looks like I won't be able to get this one for nearly cheap enough, moving on.

You really need to find a cheap god deal and just do it.  

Unless you were getting an amazing cheap price and ultra high rents I don't see the benefit.

It could invalidate the sale & delivery of the deed.

It would probably take a few months to be rent-able, but carrying costs would be negligible.I really feel this house would be a great start for me if I can get it cheap enough.

In addition, they act as my on-call agent for guests issues or if I need a repairman supervised or a delivery accepted. 

We thought about wholesaling, but there don't seem to be enough good deals in our area to do that-to get the property cheap enough. 

For "buy and hold" investors, the markets support rental properties, with high demand, and very low vacancy rates.Texas and Oklahoma also have many other smaller markets in both states where you can do very well investing based on oil & gas prices and pick up properties very cheap that will rent for more than 2%.

After that, I was going to use a large portion of the remaining (~$130K) toward the cash purchase of a cheap place I can rent in another city, hence the original post. 

They are poorly manufactured with cheap materials and nothing ore than trailers that are put up on blocks with a lattice around as a skirt to hide the wheels and frame.