The effort I'd have to put in the 2 properties just wasn't anything worth while compared to the 240k property. 

If the prior owner just sealed up a doorway and called it a 3-unit, you’d need to get zoning approval, probably some inspections, and it’ll take time and money.

Find out how much the city utilities and taxes are compared to property prices and rental prices (craigslist is useful for checking rental prices), and then see where you want to start investing with the best return on investment. 

She is still under the prior lease, which you inherited.If she still doesn't leave or pay within that timeframe, then determine if you want to try evicting her yourself or hire a company/attorney to do it. 

So prior to discovering BP I signed up for this 3 Day seminar in Knoxville TN that is this weekend.

Due to the specialization of the plumbing and electrical, etc, I will have an above average outlay in cash compare to office/retail space. 

All required plans must be approved prior to funding, if applicable).

You should get copies of the lease prior to closing for your review.   

This would give you a more standard metric to compare apples to apples. 

You have to use your best judgement on what it would be worth after checking out all of the recently solds you can find and comparing them to your subject property.