Or they can pay online. 90% of my tenants pay by the bank deposit way and a small percentage pay online. 

And as of today it appears there is no original lease (now month To month( that the tenants signed.

My dilemma is between a cash offer of $204,500 and a conventional offer of $210,000.

I think the answer to your question depends more on the location of your property and a lot of zoning issues that may or may not afford you the opportunity to do what you’d like there.

You do need an attorney, just not a securities attorney who will charge an arm and a leg.

RE requires you to be hands-on unless you are willing to be completely passive and give up control and a lot of $$ to a manager, partner, etc.

I use contractors and I usually get all of my initial purchase money and a subset of the rehab costs.The most important thing is to learn a lot on this first property as you want the next property to be an even greater success.Good luck

These are professionals with additional training and a stricter code of ethics.

That usually runs about a year and a half with delays if the individual has a good attorney.

Breaking down multifamilies more, you probably can make more money with less desirable properties that you have to invest money into, but that takes time, money, and a tolerance for risk... there's a lot of guides on this website for all the different types of real estate investing you can do.