If I had a penny for every item tenants left behind when they vacated, I'd already have the financial freedom through real estate we're all seeking!

I've been seeking someone who understands my situation and has the experience and skill to help me navigate these treacherous waters.

Joe the sounds of it your strictly seeking cashflow, if that’s the case house prices in $50k range give you a lot more leverage more cash flow then any deal That you will need to put $50k as down payment.

Hire an attorney, do it right, do it as quickly as possible, seek a judgment for anything unpaid, and then mentally write it off because you're unlikely to see a dime.In the future, you should consider hiring a professional property manager.

I'm at the very beginning of my real estate journey here and seeking some advice and opinions from the network. 

Please seek out the guidance of a CPA and Financial Advisor knowledgeable about these types of products.

Readers should seek professional advice.

Gotta ask ya, and I'm not being a smart alec, but if the foundation slipped 2 inches in 47 years it may not be a massive hurdle unless you're seeking to make it perfect (or the cracks look brand new). 

Why are you seeking hard money vs conventional?

Generally, if you feel they are so high risk that you need a double deposit plus the regular rent, you probably should be seeking better applicants.