This isn't our first rodeo, so time spent in self-reflection will be minimal.

So much added value for minimal cost.

Heating: The 11K/yr oil bill is a strong indication there is no insulation in this building (just your standard, for the day, two layers of lath-n-plaster ... if it is a wooden building).

It seems that reading other forum posts indicate that banks might require me to season the title in my personal name for 6 months before refinancing.

Any indication the owner is willing to accept owner financing?

Plus I don't know how the site is coded, but a basic google search seems to indicate it should be possible.

Based on the pictures and description up on MLS it looks like it would require minimal work.

While there are some who indicate you can get into this with little to no money, and a few who have deep pockets from family members/friends; it appears the vast majority have gotten into this and have been (some fairly and others wildly) successful by sheer virture of making personal/financial sacrifices and making it work.

now that keeps me up at night.Sure, I'm always tempted by the amazing high yields of out of state investments, but over the years, I've found there's no such thing as a free lunch, and the yield on the property is generally a good indicator the risks.

Money is not necessarily an indicator of success that should or could be duplicated or successful teaching abilities.