Then I would pait over it with the heavy duty garage paint with the shinny flakes, then I would hit the side walls with Drylock White paint, On a good note, you almost cant make the floor look worse, and most of your fixes are relatively cheap.

It sounds like you already have your plan and strategy all figured out.Here are a couple of blogs that you might be interested in relating to rent to own strategy. 

Well wouldn't you know it, The following weekend I had a job related BBQ which happened to be less than a quarter mile away from this "deal" As I drove by it, I noticed a realtor for sale sign and thought to myself, wow NWA can't actually be trying to wholesale listed properties?

The time and money is a relatively low investment.

lucky for you @Dale Rogersreturned mail is gold,just skip trace the owner or relatives and send them a letter if you are doing mailings you will spend a lot of money to get deals but it will be worth it good luck

If you know anyone who can help me find my first rental deal, please do recommend.Thank you,

I would first check with the Sate to pose the questions prior to doing the Title Search as they may simply answer your "title-search" related questions. 

How much is the potential gain on this house between acquisition, holding, and all related costs in relation to the net ARV?.

I really appreciate all the encouragement, now tell me why this is a bad idea so I can make an informed decision. 55 is not that old in the scheme of things, but when I owned a home in my thirties there were lots of things I could do then that I can no longer attempt.I will be working at a full time, relatively low paying job until I retire.

@Julie MecheWelcome to the site.Others have provided solid suggestions on were to go.You have a relatively small amount of capital so I would have to agree that your limited to one of the lower priced markets such as those in the midwest.Whichever market you choose the most important thing is to meet the companies that operate there and drive the neighborhoods to make sure you are comfortable with both.