The buy back was a comment over the phone, nothing legally binding unfortunately.

I also have the text logs, since I stopped talking to him on the phone so that we would have a record of his communication with us concerning the rent.  

They will try to run 2 kitchens and that can mean clogged drains in your wet bar kitchen.Be sure there is personal recourse when you need to sue them for $40k in repairs above the deposit.

I buy/cash flow day 1 and let the tenants make the cosmetic repairs.  

Lets say you have 3 rentals that rent for $1000/month and you cash flow $300/monthEach month you have GROSS rents of $3000/month or let's say $2500/month after paying PM costs, repairs, etc....BEFORE you pay the mortgage.If you get the rents on 1st of the month and you pay down $2500 into the HELOC, but you don't have to pay the mortgage ($1600) until 15th of the month.NOw you have paid down principle in the amount of $2500 for the first 15 days and $900 for the next 15 days.If you use the traditional method, you only have $900 extra money that you may or may not use to pay down your loans.   

Build a local team for cleaning and repairs to streamline operations.

(I would not specify how much.)If the property needs a ton of repairs, then even buying it subject to the existing mortgage may not be enough to make this a viable deal.You need more info, and fast!

Big demand for auto repair or auto accessories.

A contractor may offer a 1-year warranty for general repairs and a 5-year warranty for structural components.Discuss any guarantees or warranties on work performed and materials used.

I'd love to have a small line of credit on the property before the end of the year to cover any other repairs or upgrades that will need to go into the property.