I bet you would also benefit from speaking with a property manager in your area for advice on what works well for a rental there, especially in case you want to think about continuing to invest and hold the property after your son-in-law moves out.  

I’ve read rich dad poor dad, but want to read more real estate investing books.

i bet the guy settles for a few grand.. or the 10% clause..  

I'd do a 1031 into a syndication which achieves the following1) Tax deferral via the 1031 - why pay taxes when you don't have to, let the unrealized taxable gain continue to work for you2) Passive - by investing in a syndicate you can move from being an active investor to a passive investor3) Returns - in my experience you should bet better returns by investing with a syndicateGood luck!

Right now I am just shooting blindly I bet.

You see, this (retired) couple is very poor, owns the house outright and can barely afford the taxes on the property, as it sits.

That being said, I know of plenty 4-unit properties for sale in that same price range that are in C-D areas so $1.1M in an A area sounds like a slam dunk but I'm sure its been on the market this long for a reason - i.e. poor interior condition, non-cooperative tenants, title issues, etc.I'd be happy to help you look into this deal a little further.

I bet you have to put down 30%+ in order to satisfy the bank's DSCR.Frankly, the fact that you're asking these questions means, you're nowhere near ready to buy a property of this size.

Pretty cash poor right now since my fiance and I are saving up for a wedding, so I figured I would put my equity to good use.I have zero experience in rehabbing so I will most likely be looking for a turnkey property to rent out to start.

I've had some pretty poor applicants apply, low credit, history of defaults etc etc.