I know bugs can be a pain in the butt to get rid of, so I think its fair to basically put them on a cleanliness probation of some sort.

Suggestions and basically If I have a checkbook are there any issues I need to watch out for? 

@Jason Gines they basically said I'm out of luck and the property being sold as-is

Basically who is all involved in me having to buy a house and sell it. 

You can argue that IRAs and 401ks are tax deferred but why defer taxes when with real estate you can basically eliminate them? 

Basically, I am as hands on as I can be for the learning experience, but I am as off hands as I can be for the sake growing both of my businesses and so I can focus on investing in other markets. 

What you are talking about is basically an equity-only note, where you pay a set amount monthly, quarterly or annually (whatever works for the two of you). 

(With some improvement rent could maybe go higher)Basic utilities are covered by the landlord (electric and gas).

Or just putting basic updates in replacing carpet and going with the three lower-end homes next to it.

Nope it's a pretty basic residential furnace.