If you will only be able to get a certain quality it won't matter in the long run how things work. 

However, lately, I've been researching co-living and short-term rentals, and I believe the property would be more attractive with a restored pool.

Hi Ruth,For STR (Short-Term Rental), MTR (Mid-Term Rental), and second/vacation homes, DSCR Loans (Debt Service Coverage Ratio) are often the best option.

There is strong data that correlates lead exposure with health problems. 

True foreclosures are all cash purchases so if you don't even want to pay $25 for a list or for access to a good site, you are probably starting a long climb up the wrong tree.

I originally purchased this house to be nearby my grandmother in her last few years but realized quickly that it was a prime area for short term rentals as there are no zoning rules or permits necessary etc.

Key things to agree to The interest rateamortizing or interest only loanLength of loanLength of amortization (does not have to be the same as length of loan if there is a balloon payment)When are payments due; monthly, quarterly, annually at the end of the loan etc.Are there any upfront points to be paid and other misc terms like late fees.Then have an attoney create a Note and a Mortgage (or deed of trust depensing on the state)

In terms of the lady spending all her time reporting violations... yikes.

I had to rip out a long stretch of concrete in a fix and flip gone bad (I was the lender and took it back after the borrower defaulted).

Its also long term since freshly planted trees or the like take several years to begin bearing fruit.