@Linval T.

It sounds like a great rental, and doing a rental is significantly less stressful than doing a flip... so I think you should stick with plan A!   

@T.

I used to work for Home Care Assistance and I understand how stressful it can be taking care of loved ones.

I am so stressed out right now I feel like my brain is going to explode.

Start small and ease into it so your future wife isn't so stressed about it.

I think small towns are hit pretty hard and most close up pretty easy until someone says hey I can use this old factory to start my business and the taxes will be super low in this area, and because the area is stressed the wages will be super low....and wham......Small town comes back......then some celebrity moves in cause its the it place and blam all property values skyrocket and the system starts over.

For short term cash I would consider fix and flip t hat typically lets you specialize in a single type of real estate. 

I'd be happy to help you calculate this property out to the T but there are a ton of variables you need to answer first, mentioned above. 

Again, I cannot stress enough, let the legal folks handle it.