There is a huge difference in value.Also, your valuation of the value of the structure based on potential rent does not account for the value of land, which you are not providing. 

I say this because I see a lot of overlap in skill and offerings based on what you shared.

Because each niche has different methods and techniques to build your client base.

From what I’ve been told it will take me up to 3 months to get this done, just based on the time it takes to complete mandatory courses.

Based on your replies as well as further consideration, I think I'm going to leave the single bathroom for now. 

Most incentives are based on you occupying the property, but maybe you can get second home financing?

Confirm with title company that understands local transfer tax regs but in most states, even if transferred for a nominal amount there are transfer tax consequences based on the assessed value.

My initial reaction, especially based on your desire to cash flow immediately and non confidence in the area, is to pass on this deal, but we can chat more privately. 

It may vary between counties. 

And it sounds like a good deal based on the 1% rule, that for every 10k in purchase price, you get 1% or 1 dollar in rent in return.