@Joshua PowellI totally skipped your last paragraph...I blame the lack of coffee.

I have the cash to pursue a deal like this, but my lack of knowledge and experience are making me hesitant.Thanks in advance for any tips!

A reasonably competent Realtor will always protect their client from "cash buyers" who lack the cash.

But very nicely and recently done and no notable upgrades needed any time soonSo I know it is all subjective but what additional value would you generally apply to a better school district if comparing apples to apples? 

I’ve got the time and I’ve got the determination but I’m lacking in money.

Problem is that this house has been vacant for some time, and due to lack of temperature control and stagnant air, there is mold everywhere.

I fear that I will not be approved due to lack of income, despite having an 800+ credit score with a large sum in the bank (I'm aware of the risks from the lender side). 

Also remember that while the property prices may be cheaper in Toledo, lower rent demand will keep rental rates lower as well, so you may not be looking at apples to apples.

The biggest challenge is lack of parking, which has led to tenant turnover and challenges in finding tenants Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

At the end of the day (legally) what matters is what was said, promised and expected (hopefully you guys signed some time of agreement) to what actually happened or the lack of.