Just make sure you get a healthy down payment, preferably 10-15%, but at least $5K, so that your buyer has a stake in things.

Posting that type of question on this website is nearly like posting "is chicken really healthy?"

You can then give the Vendor a copy}, who would then be required to disclose to any other potential buyers.Wait another 4-6 months, evaluate the property based on the revenue of those units which are licensed and not required to be removed, put a big healthy risk factor on it and offer the Vendor 50-60% of ask.Though I would still walk away ... for your first property you will be on a steep enough curve without having a "surprise" property.

I attached a sample 1004MC showing where you should look (the report is from a relatively healthy market in UT).

I've been hunting abandoned homes for the past week and love driving the communities and waving and smiling to dog walkers and happy school children.

Your return is healthy and those homes would have a higher chance of getting appreciation than the home you pay $50,000 for that rents for $900 to $1,000.

First two steps are:Be a valuable asset to all that you meet, you never know when you will meet the money and it's good practice.Have a solid business plan, utilizing the readily available resources such as public library, SBA and this website among others.By the way, 'valuable' can be attained in a smile, kind word, or nice gesture. 

Is there a different way I could make healthy, reliable returns that I should look at?

It's not expensive if you're healthy and you shop around.

The answer is healthy CF.