A lot of the older houses in my area have pretty squirrelly floors.  

That’s why I like lease options and putting them responsible for pretty much everything.

I am pretty high energy and like i said open and willing to learn!

Just be aware that closing costs can be pretty nasty for these small loans.

The property is located in Phoenixville, PA and the market has been pretty hot the last few years.

Most times it's pretty fast and violent. 

I have also learned that 401K's are pretty much useless but you can borrow from some of them at a rate you set and that could be useful to fulfill your needs. 

He and his wife have recently moved 7 hours away for his wifes health/ allergy reasons and do not want to manage the property long distance. 

Sounds like your "lurking" has lead you to a pretty solid strategy for your REI career.I don't have many regrets in my REI journey, but if I could do it over, I would house hack early and often, just like you're planning.

I went through a couple companies that had handwriting font and it's pretty obvious that it's not handwritten so great call on writing the addresses yourself (be ready for some hand cramps!).