Finding tenants to pay your bills is the hard part.

I have a list of folks I can send your way. 

Going to guess the $797 is rent only, with tenant paying utilities.

Pay attention to improvements that provide the highest return on investment, such remodeling the kitchen and bathroom.

I suspect the stock market and or building then selling a bizzness created a big majority of millionare wealth and or just high paying jobs and save your money :)

I don't really want to go looking for the financing to pay him his balloon payment.

Reporting the proceeds you pay to seller on a 1099 sounds reasonable.

Property damage, excessive wear and tear, but paying, that PM has an incentive to look the other way, don't they. 

It is always better to have the tenant paying for the utilities as they are the ones using them. 

If you truly are limited on time or can't make investing a priority, you should look for smaller projects as others have recommended.1) General Contractors are available to run your project, but most are too expensive to make ROI work on smaller projects. 2) A great PMC can act as a Project Coordinator for rehabs, but many won't be transparent about the costs, so you know what you are paying for.