@Chris Mason, yes you can, but its extremely risky and unwise, unless you have private investors  that have liquidity and saavy to procure the property. 

I approached residents and landlords and procured funds. $40 a month per house.

The insurance for that line can only be obtained from a supplier that the DEP has procured....or so my insurance agent says.  

Management, procurement, single, multi, leasing, wholesale?  

Take into consideration if there are any issues in the particular area, also how you will obtain the financing for the transaction (if applicable), what sort of tenant you think you'll be able to procure (and make sure to have rental comps of course), and also how you will market the unit to land your ideal tenant (and a budget for that). 

If you are going to hire a contractor to procure all the materials and do all the work then he will be adding a 25-35% profit margin for his efforts.

It is in need of extensive rehab work including, but maybe not limited to, the following; vinyl siding installation, metal capping, Gutter installation/repair, roof removal and replacement, foundation repair, mold removal, carpet removal and replacement, asphalt shingle installation, permit procurement, drywall repair. painting and bathroom remodel.I am looking for a general contractor.

Will they select and procure specific finishes and fixtures?

In my experience, though, the relationship with the prior tenant is ended once a new tenant is procured.

Here's my question- in this arrangement, I think who procures the material is critical for tax purposes...if I purchase, and GC reimburses, then could that be viewed as income?