Understand Local Laws:Familiarize yourself with local landlord-tenant laws to ensure you comply with all regulations.

So I told the seller, I got a bad vibe from this, sounds like this lady is going to live to a hundred, and rent control laws, as well as laws protecting tenants over 62 here in NYC make it impossible to get rid of her.

I'm an agent here in KC, I can set you up with local contractors, property managers, and lenders.

I would definitely recommend start researching and learning your local market and house prices vs rent and different comps.

Find a local lender (probably a credit union as they love these) that offers 2nd mortgages - sometimes called Jr mortgages, HE-loans, or closed-end seconds.

Will depend on several factors like the type of property, type of tenants, your risk tolerance, other assets you own, your estate planning, laws where the property is located, etc.

Giving me the opportunity to better provide for my family and give back to my local community!

Tenant laws depend by regions, but in general it's a bad idea to accept partial payments as there is a chance you need to wait longer for evictions.

you would do the public good to file a complaint with the DRE in your state and send the fact pattern to Insurance commissioner filing a complaint against the tile company .. and send to the local DA and AG.. 

I'm looking into multifamily (duplex & self landlording) in my local area to get started, but my tri-state area (CT/NY/NJ) has a high entry price point that I'm concerned with over leveraging myself and losing liquidity on my first deal.