30 Days Due Dalliance with option to increase to another 30 days.Due Diligence to start AFTER you receive all the financial information, copy of leases etc.

However at 6' I am able to stand in the majority of the room space without worrying about hitting my head.If there are question I am missing I'd love to get some more experienced landlords opinions.Also, if you have any input on how many bedrooms can be added to roughly 500 sq ft (1 v 2) that would be great.Thanks in advance,Brian

While I'm quite young and not worried about "early retirement", financial independence is definitely the end goal and the freedom it provides. 

Would getting a HELOC be a good financial starting point? 

.- If you go with owner financing, you become the bank so you get paid every month but repairs, property taxes, etc... are no longer your problem.You know your personal financial situation as well as the condition of the home as well as rents in the neighborhood so you will have to decide which model is best for your situation.Good luck!

@Peyton Leal My first comment will be Education. start there. in addition to that look at your financial situation to determine where you want and Can go..?

Have you seen the financial tax records from the owner ??

Before doing that, talk to the city attorney and see if they will stand aside to let you purchase and renovate. 

What are your financial resources?

Speaking from an environmental consultant stand point you will most likely need a ESA (Environmental Site Assessment).