I'm not going to bet on appreciation, but that doesn't mean that I want to cut myself off from it's possibility of happening.

The meth abatement could quite possibly bring rise to an asbestos abatement (old home)... which would in effect make this property worthless to me.I HAVE NO INTENTIONS OF RENTING THE HOME UNTIL I AM CERTAIN IT IS SAFE TO DO SO.What I can't wrap my head around is the following:1. 

I am new to REI and look forward to networking with as many people as possible. 

If you're interested in talking more about this possibility, please let me know.

Always looking to share ideas with local investors and maybe team up on the right projects.If you are open to having a cup of coffee and chatting a little about possibilities in town let me know. 

During this time, I will be learning everything I possibly can, while building my savings and paying off debt.

Make sure to get your home inspection scheduled as early as possible in the 10 day inspection period.

Do not try to do everything yourself.Always do the math analysis and try to look at the subject property before you make an offer or at least have a clause in the sales contract that allows you the time (usually about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that hurts   Right after you close on a deal get an insurance policy that will protect you in case of a loss.Just do what is average for the neighberhood.  

So my husband and I have a combined $25,000 ($11,000 in mine, and about $14,000 in his) in old 401k's that I am looking to possibly use as down payments for rental properties in either a self-directed IRA or something where I have more control.

So you are saying that it is possible to buy a duplex with a FHA mortgage, start living in one side and renting the other and have something in place to greatly limit the risk?