The house is in good structural shape, but will require some work to get it to either selling or renting condition. 

With my current real estate agent and my driving local neighborhoods I stumbled across a family in NE that was looking to sell their 3 family home and had a realtor that had not posted it on the MLS - luckily my RE agent knew their agent and facilitated the deal before posting on MLS and I purchased at a low rate (considering).With all that being said, the area is expensive, you have to know what you want : meaning : property type,location( so KEY), price range, condition and profitability.

If you don't follow it or return the vehicle in poor condition that is what the security deposit or credit card for incidentals are for. 

I am fairly confident I can rent this out on AirBnb for around $120/night on weekends during warm months and $80/night midweek and get a fairly decent income from it - I'd estimate conservatively being able to net $1,500/month on average from May - September and $800/month October through April (would love to find monthly tenants, but acknowledge that won't be at 100% capacity during off months).I put in an offer for $40k, which is what I feel like the house is worth in its condition and location - there are a lot of houses in similar condition but with more square footage (this guy is just 650 sq ft) that have sold in the $20k-60k range in the last year.

Get specific on what you are seeking and go after it, on the market, neighborhood, property type, condition, etc.

Especially when there is a long delay between inspection and close.You will need to look at your PA but it may say something like the seller is responsible to keep the property in similar condition as it was when you inspected it. 

If it's in bad condition they could be low.

Leave by X date for X money with the home in broom clean condition. 

My guess is that the two lollies were not leveled properly, and the weight of the 2nd floor shifted, causing increased pressure on other joists and a new set of problems over time. 

With that said, it is hard to capitalize on a 2-4 unit with current market conditions.