I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

So using your words "Lockup" the property but make sure your offer includes due diligence items to protect yourself.

Improper reporting of big items such as mortgage interest. 

Unless the item is a total fabrication.  

I’ll also amortize large items like roof over 20 yrs, and then add $100/mo/unit for general repairs.

Some people are sending supplies (clothes, other needed items like school supplies, food for humans and pets, etc). 

After adding those four items back in, it brings the complex to making around $6,500.

But, only because I have seen LLC agreements in lieu of PPMs, with the same general items discussed. 3.

And addressing my item #1 comment, almost always, when a "distressed" homeowner is approached, they initially are grateful to have the loan brought current, but before long they forget the circumstances they were in and you become the bad guy that stole their house.

Regarding next steps, I agree that the best way to approach this would be to have one person act as boots on the ground and the other person handle the back office related items.