Take photos of the condition the tenant left it in. 

Due to the closing deadline/home condition, I am looking to use a private lender for the purchase instead of conventional from the start.

This will cover the unit’s condition, including plumbing, electrical systems, and any visible structural issues.

I'm a big fan of the upside though.Topics on my mind:  what market conditions would have to occur for the NPN space to make sense for smaller investors? 

Only buy good condition or brand new.

If I could offer a suggestion, I would advise against pursuing long-term rentals (LTR) at this point given your cash flow goals and the current market conditions.

@Farzan SetayeshNot a local investor, but here is a data driven look at the market conditions in McAllen TexasTwo of the most important market performance indicators, population and median home values, have been increasing steadily for the past decade   Rents have followed a similar trend The chart to the right shows median household incomes over time, which have also been increasing. 

The best method often depends on your specific circumstances, credit profile, and local market conditions.

I assume (a risk, I know) that the original poster is referring to conditions at a parcel of real estate and the improvements thereon, and the ownership of the subject real estate is held by a land trust, probably an Illinois land trust (which is a specific type of trust, not one limited to real estate in Illinois or which itself is located in Illinois), and the poster assumed that his ownership interest was sheltered, or his liability limited.Are those assumptions accurate?

Our experience in assessing renovation costs and market conditions gave us the confidence to negotiate a deal that promised a solid return on investment.