After discussing with my girlfriend, we discussed a more local approach would be a safer move than trying our luck out of state as a “newbie” as I had originally planned. 

As for the owner, he thinks that local lenders wont lend being it is an older unit in a more run down part of town. 

I mean I guess I could go a more owner financing route to avoid the issue of going through a bank for a loan.

Then, they can either accept the terms of the lease and stay, or you can both part ways and they can go find a more manicured yard that also comes with a rental unit.

@Erica LarenceThe broker said this is third party cost plus point - I will see if I could get a more detailed breakdown.

Zoom out and look at all of your income/expenses on a more global basis.

A lot of calling, door knocking, mailers, talking to people to help them through their situation and untangle the messes they've made...but no open houses...Maybe this was a more broad, just get familiarized with the industry and what other homes are selling for and what condition they're in? 

If you can ask a more specific question? 

It’s a fairly simple process, Just more complex to get your head around than a more traditional transaction.

I have a long list of books I am very interested in reading and For some of you who have read them can you help point me into a more focused direction and suggest which to read first or in what order.