As you can see below, current inventory levels are about 1.8 months of supply, which indicates a high level of demand.Rentals$/SqFtThe following data is for the entire MLS, not just the narrow property profile we target.

The basement is a bit of a rabbit warren with a sitting area, one bedroom and one bathroom under an 8' ceiling followed by 2 bedrooms and a bathroom that are closer to 6' 5" ceiling height.

There is an old saying look at girls mom, when the girl is 20 and you will see the girl at 40, credit often follows same trajectory. 

The following items were checked: Subterranean Termites, Fungus / Dryrot in siding, roof sheathing, Water stains noted at Master bedroom closet, The Subarea below the bedrooms is inaccessible for inspection due to Dirt covering access, Evidence of Subterranean Termites was noted at/in Subarea which appears to extend into inaccessible areas (garage). 

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My attorney informed me that I need the following...does anybody have recommendations and what are the typical cost/fees associated with this? 

If I am following you that is not a deal to be wholesaled, rented or anything else.

The traits for the ideal candidate include the following,1.

If you choose (2) - then you will follow the Roth path, as @Carl Fischer suggested.

I'd follow your father's advice and focus on that until you have something steady, that pays the rent, locked down.