Consider that if you pay cash, you lose the ability to use that cash as down payment for additional properties or for reserves, as @William Brace said.

Might ask as to the trustee's ability to carry out the terms of the deed of trust.

Here's a tutorial for making a website through Wix from @Brandon Turner How to Create an Awesome Lead Generating Website in Under an Hour with No Technical Abilities

No matter how crappy the condition of that house, there are design/architectural elements and construction/material quality that disappears in the late 1950s in most areas.

You just have to meet with the Section 8 inspector to make sure all units are in compliance with their requirements for safety and function ability.

Consider a % rent lease provided you have some ability to know how much business they're doing.  

The note buying info I'm getting from Scott Carson and the great students in that network.I want to be cautious but not to the point where is paralyzes my ability to make decisions quickly.

It's based on your DTI and your ability to repay, credit score and blah blah blah.

Only thing riskier would be selling ice cream to Eskimos in Alaska I'd think, but I'm sure they have it, I just wouldn't count on annual sales projections too much.Know the business that goes into a commercial space, if you don't understand the business you can't really determine their ability to pay the lease. :)

Large deposits and prior relationship help however don't always guarantee the ability to get 7 year fixed loans.