But it is not for the stupid, intellectually lazy, the get-rich-quick groupie or those with poor emotional balance.

Simply screwing, nailing, or bolting the deck together (butt-joint style) is NOT good enough to hold together load bearing decks since over time they weaken and snap at the most inopportune moment.Back in 2003 a Chicago area deck collapsed - killing thirteen.

I have had some friends on the residential side tell me they enjoy that part more as they can relate emotionally to helping families buy their home etc.

Since they are not owner occupied it is not an emotional decision... you can either significantly improve the NOI or not.

Money is deeply emotional and tied to perceptions of family security.Your fiance has already clearly signaled to you that she needs more security in the immediate future than you do - you're both just starting from different places. 

I suggest, if you must do something with this property from some emotional attachment that you buy it and hold it, allow equity, real equity to accumulate, enjoy the cash flow, turn it over to a PM if you don't want to LL and sell it years down the road.

That said, I still believe it's important to have some positive cash flow on any property to cover expenses and help you emotionally accept some of the hassles. 

Don't let your emotions get the better of you.When buying in a competitive market, remember you can add an escalation clause that your offer increases by a certain amount (say $1K) up to a max of $Y. 

Don't get caught up in the emotion of "highest and best" Establish your goals and bid accordingly.  

Thankfully the judge excluded the emotion from a constitutional lawsuit)Of note- see pg 8: "Moreover, Jenkins' interest in protecting her son from lead-poisoning is inconsistent with the lead-paint ordinance as written, as the ordinance does not apply to all rental properties in Toledo."