Judging by the photos, I would be shocked if this property appreciated 3% per year.

I plan on living in the home long term and declaring homestead.

False: As exulted ruler of mars I declare all deeds purchased with "mikes1acremarsbucks" true and correct and good for all debts on Mars public and private!

I am currently knocking out general education requirements for free to save money, but by the fall of next year (preferably in time for classes this spring, but the very basics for finance and accounting are similar so I can certainly wait), I must declare a major if I am to transfer on a fast track to graduate for my bachelor's degree.

Judging from what I've seen on loopnet, I believe I got a pretty good deal, even if it did take 1.5 years and 400k in improvements!

A young entrepreneur who is smart and humble, think personalities like Jake Fromm and Aaron judge, with a wise mentor will succeed.

This was granted by the bankruptcy judge because they had bankruptcy exemptions that were greater than the equity of the home at the time. 

She files a TRO that day and on the 18th, i'm in court, happy that i have the law on my side and low and behold, MY judge calls in sick and i have some substitute judge.

Without more info from your end, it's hard to judge the accuracy of your numbers. 

In short, buying from a turnkey provider relies on the integrity and experience of the provider - and your ability to judge this.