When you make your pre-offer inspection you might see something obvious during that which makes that decision obvious and its age can give you some concerns about reusing the major components that gives you some concern about that which means you will have to remove sheetrock to repair that. 

Everyone is a "newbie" at some point, so just dive in and you'll find plenty of folks ready to give back.I'm personally a little adverse to 2/2 SFR (you didn't mention type of property) unless there is a potential to make it a 3/2.If you have a viable tenant and all your numbers make sense, I would advise NOT doing a Rehab until this Tenant leaves.

Keep the doors locked, the property well lit and don't leave any valuables exposed.

Once it’s paid off leave it be.

With open conductors, i wouldn't want to leave it as-is.  

However we are wondering what, if any, tax benefits may arise from putting both of our wives on (or leaving them off) and splitting things in 25% increments?  

To answer your questions or concerns:1.

Since they are concerned about their safety and want to leave anyways, it will be a perfect opportunity to replace them.

Here's the link to that https://dor.sd.gov/Taxes/Business_Taxes/Publications/PDFs/CETGuide.pdfAs far as analyzing your deal, it's a no-go for me. 50k purchase and 20k rehab (pretty low estimate, and you have to build in a rehab contingency percentage for things going wrong) only leaves 30k for all of those costs, and with a 100k property you're looking at potentially 5-6k for the realtors alone.

You’re looking for diversity; people will leave when they lose their jobs if the entire economy in an area is centered around one or two industries.Small businesses and any kind of services will either move away or fail if the biggest employers are not hiring.