My circumstances are complete different now.What do you mean by how willthe operating budget will be structured???

You are much more likely to be successful raising funds for a single deal given your circumstances.  

I guess what I'm asking is to take this from a "generic" question and see if you would suggest anything specific for my circumstance?

I would love to not use a realtor, but that would add more holding costs and unfortunately it is a two story, historic home.

Unfortunately, money has that effect on people.

You never know, circumstances can change, the owner might meet some cowboy and they could fall in love and get married in two years and then they could pay for anything that might be required.

Unfortunately, not permanently.

Especially in this out of state low end type of rentals were your situation is just not that uncommon unfortunately..And your not the first investors that has been ripped off by their contractor..

Every person will have different circumstances, different background, different resources available, different comfort level with different strategies, etc.

Unfortunately, we're way under budget to afford anything there unless it's an ancient one bathroom!