Cheap properties generally aren't going to have extensive rehabs because their isn't enough meat on the bones.

Surprising how many people are coming to NE for various travel. 

I may not need to travel to the business address except for possible mail (if needed). 

The first thing to accept - Good contractors are not cheap and cheap contractors are not good.   

  $158k will easily be enough for a downpayment on another property.Even though single family homes are fairly pricey right now, apartments and REITS are actually relatively cheap right now. 

I use bluebeam for takeoffs. its pretty cheap and super easy to use.

On top of that you can have an umbrella policy (which is pretty cheap since it covers liability above an existing base policy). 

Another thing to consider is making the extra room available as a short-term rental (Air BNB, or for travel nurses).Duplex/triplex is nice because there are usually separate entrances and more privacy.

That is really cheap considering where I live (Dallas), you could hardly buy a single decent house at that price.

I'm originally from Pottstown and travel through Lancaster each time I visit.