Just like doubling down on a bet you could lose it all. 

As a new investor, your best bet is to start small with an app like DealMachine or Propstream so you have direct control of your options.

I bet this person paid less than a grand for the rights. and will want 10k from you...

I became financially free in my early 50s. 

I bet there are already several in place.

I bet they wait until January or February so they don’t have to pay the tax on those gains for another year (which is why we may be seeing less selling this month than in a normal cycle).

You bet!

Your best bet would be to connect with local operators and ask them.

I bet if converted BACK, it would be 4br+, probably a rather spacious 4br+: - a whole lot easier to rent given much more demand for such vs efficiency or 1brs- no longer competing in any way against apartments- no more utility issues, because tenants cover 100% of there own utilaties- no more headaches of wrangling different persons to play nice togetherAnd on and on and on...... 

Negotiation LeverageThe long market time gives you leverage—consider making a lower offer with seller financing.Point out the high rehab costs to justify better terms.Offer flexibility (quick closing, interest on seller financing) to make it attractive to the seller.Final ThoughtsYour best bet might be to negotiate seller financing for acquisition and use a rehab loan or private lender for renovations.