The hardwood in kitchen would need to be sanded and refinished and carpets need to be replaced with either carpet or LVT (Can't afford hardwood, and do not want laminate or engineered wood)One of my concerns is the height difference from the hardwood in the kitchen being 3/4 inch higher. 

My main concern would be the vacancy between tenants, and cost associated with a tenant moving out like paint and cleaning.   

I have a few concerns/fears (my inspection period expires on Friday so I need to make a decisions ASAP) 1) The street, 13th Ave is a cross street that people cut thru.

I understand the concern. 

You concern should be #1 as without knowledge/training you are going nowhere.If you want my pick just PM me and I will let you know.Good investing...

As of now, both are cancelled until I can sort out a sudden car issue :( I literally had to call a taxi half an hour ago cause my car wouldn't start at the mall, lol.Maybe I can make other accommodations, though.

If the current owner walks away with the security deposits and the tenants cause damage before they move out you will find yourself in a hole.Lastly if you do make an offer and look to close, I would speak to the tenants and let them know management for the property will be changing, ___ is the day rent is due, ____ is the day a late fee will be applied, and if they are negligent you WILL file for an eviction.

Also, holding multiple loans was one of my concerns, but that's part of the risk with any rentals right?

The big issue I am concerned with is trying to buy a home that has foreclosure proceedings filed (so the owner is behind).

When is the best month to buy real estate in MI, as far as inventory and prices are concerned.