From the wallet it needs a better less costly solution, if possible.The previous owners created an outdoor sunroom so they had someone pour a concrete slab and put an enclosed garden style building over it. 

I wonder if our styles would clash or if they would mellow each other out and make for a good fit as partners?  

Be a good listener and you will learn lots of style and ways to position yourself.

Some of the expenses could (and probably should) change as you apply your operating style to the property, so be sure you account for this in your analysis.You can also plug the address into rentometer.com to understand how the advertised rents compare to the average rentals in the area.With these pieces of information, you can get a quick gague on how realiatic or fictional the numbers in the craigslist ad are :)Best of luck!

That being said, legally the only way to do take this on is to rehab it either back into a monster single family vacation rental style home, OR to gut the units of their kitchens and re construct them into bedrooms to make it a group home style facility.  

Ranch style, on 1 acre.

That's not my style. 

There's a occupied 3/2 in the front, with tenants who will move July 1 and a 1/1 California style bungalow around back, recently vacant.

AndI can't quite get my arms around it why this style is so popular.Anyway, look over this article about "experimental rental units."

It really comes down to your learning style - whether to go online or classroom.