(Obviously that's not the norm, but you get my point.)I like the single family homes because although there are more roofs, more water heaters and more furnaces, there are also more exit strategies.

In these cases they will just sublease even if not for full lease amount until the lease ends or pay the landlord a penalty to exit the property early.

However with lending these days, you may be limiting your exit strategies to only a sale to investor where SFH (assuming OK location) may be able to go lease, lease option, direct sale, etc.Find a good mentor or two if you can as well.

Make sure you look at your cash flow for any deal including a vacancy rate, repairs, property management, etc.This isn't a perfect scenario if you overpay for the property as you are going to limit your exit strategies - and you need to make sure you have a repair fund in place before purchasing.Overall you need to determine what a compelling offer might be for the seller and make the pitch and then be ready to negotiate.

This property is free and clear but I am unsure of what exit strategy to recommend to my ailing relative.

If the exit is only $62k, then you would have to buy this for less than what is owed.How about this with site unseen: $5k in kitchen (cabinets, counters, appliances). $2.5k for bathroom, $4k for interior and exterior paint, $1k in drywall, $1k electrical supplies and fixtures, $500 in plumbing, $750 in landscape.

I hope to show the deal soon with photos and profit and exit utilizedHave a Blessed Easter with your Families

Right now my main goal is to break into real estate via wholesaling (like many without a lot of cash) and create a portfolio of cash flowing properties to replace the income from my full time job (once I start it) with passive income so that I can exit the rat race.

Welcome @Joshua Fair I live just a few exits below you.

Then figure out what you might want to do with the property if you can buy it (wholesale, flip, by and hold) - in other words what are the exit strategies.