My parents are in the process of selling two properties (single family) and they will close next week.

If the answer to the first two are No and the value of your time is over $0.00 then it's probably not worth it.

A week or two before I had a title company due a search and they found an existing mortgage on the property from the owners for $71k that is in foreclosure. 

That rate bump might let the lender pick up at least another $250 or $300 (not a typo) on the secondary market so that at least they're in the green.Dodd-Frank and CFPB compliance expenses are the same (I've seen estimates range from $3500 to $8300 [not a typo] for this) if it's a $75k loan or a $750k loan, but one of these two has a whole bunch of profit to make up for it.

If i was in your shoes i would find a 2-4 plex within 30 mins of post that the average rent for each unit is about 200$ less than the BAH rate for that area.   

In college, I had a friend who kept two wolf-hybrids in their backyard.  

However, the further outside of Boston you look there are more favorable numbers.I bought mine a little over 2 years ago in Quincy and live very cheap in a nice two family home while occupying the larger of the two units.

@Lisa Miller there are two groups in Augusta.

Let's start with the "what you never do" list:First rule -  Never combine the two (lease and option) in the same agreementSecond Rule -  Never connect the lease and the option. 

There would need to be two separate contracts (it's probably okay if each contract is contingent on the other in a "conjoined closing").