The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

So, I decided to start a new profile and dive in!

You will need to justify the sale price of those assets to the new owner at their then current value on your books.It is a big hassle to do this, but it can make you a lot of money if you do it right and are careful in your record keeping.

Best wishes with whatever you decide.  

We haven't decided if we want to keep this or sell it.

The current owner has to dig the floor out and replace the floor to meet spec.  

The fresh perspective from someone outside of my network is crucial, that way my expectations can be closer to reality if I decide to reach out to new contacts for this opportunity. 

There are tons of strategies, pick one that excites you and run with it until you have mastered it and then you can decide to pickup another strategy. 

You can let the data decide if it's the right market for you. 

Also, the term "house hacking" is generally used for your owner occupied home (renting out rooms in your primary home) and that income cannot be used to help you qualify (it is considered boarder income).