(I feel like it would be harder to rent a whole house on midterm rather than individual rooms)- Tenants will probably have kids and more wear and tear on the house?

Now the buyer is not going to live in the house he wants to Tear the house down and use the lot for his business and turn the property eventually into commercial.

With the price of concrete it is less expensive to tear them down and use the slabs for RV spots. 

My wife just called in tears, saying that the (job loss) ax is coming sooner rather than later. 

Lower cost houses typically come with lower quality tenants, more frequent turn over, higher wear and tear, etc.  

We used this Exemption to tear down (2) single family homes which were both on extra wide 37.5' lots; then divide the lots into (3) 25' wide lots, then construct (3) 2-Unit buildings in place of the previously existing (2) single-family homes; therfore getting 6-Units out of 2 within an otherwise "Single-family" Zone!

Norada is a real estate sales agency not the owner most of the time just fyi.jumping into real estate when your under capitalized is very dangerous and could set you back many many years if you have a tenant tear up your home. and that WILL happen if you buy in the neighborhoods @Lisa Phillips  is suggesting.... if your going into those neighborhoods you need to start with 5 homes right off the bat.. so you can income average.. 10 is better.for cash flow you may want to look at Notes.. this could be a nice happy medium.. properly picked much safer than rentals..

Albert you have to determine if the highest and best use is renovating the property or tearing it down to build new?

I'm feeling super lost right now and so many mixed emotions after three years of blood sweat and tears trying to get this place up and running.

I learned what banks to go to and what to not go to.There are many other things that I am sure that I am missing, but it was a wild ride with many tears (literally made a grown @$$ man cry).To end on a good note, the sale made me basically break even with about $1000 extra to pay off some credit card debt that was accumulated.