However, when I specifically am searching for multifamily properties there doesn't seem to be much supply here, and the price points for homes don't seem to suggest great cash flow either.

You can get a JOB and pay your Bills on time.

@Nolan Mahoney, if you're looking to buy another primary residence with low down payment, DSCR is not an option you should consider exploring as many may suggest.

My main question is does anyone have lease or contract that they could suggest for me to review for this type lease?

In our opinion, the only feasible way to do this job would be if the house were vacated and a major renovation were to occur at which time we could run new gas or electric line, trench the slab and run new drains for T&P and pan drains.This tenant will need to move due to it being unsafe.

The presence of Airbus' assembly plant, the Port of Mobile, and the University of South Alabama contributes to a robust economic ecosystem, fostering job growth and business expansion opportunities.**3.

Just FYI for those of you who are suggesting the Maryland poster self-manage the property themselves. 

I will say do not go cheap on paint, get the right paint for the job.  

He suggested shopping around with other GC's to see if they could beat the numbers he was getting.

Any suggestions on lenders in the region?