As I would love to break in to Flipping  and flip this 3bd/ 1b house but  I can't  afford the 10 to  20  it Could cost right now so I  will do  a basic/nice  update replace only the carpet  in living and dining rooms,  No opening of walls ( if Flip kitchen would need to be done, it's a small and weird shaped kitchen) put new Kitchen cabinets back plash tile  floor and maybe re tile tub area in Bathroom and paint.

And, the tenant is a handyman who has already begun improving the property by refinishing the cabinets and building a nice deck.

Once delivery and acceptance occur and the document is recorded, it's just a record keeping item in your safe or file cabinet (or wherever important papers are kept).If you're trying to engineer a deal whereby you profit from a difference in price between your seller and ultimate buyer then you need to make certain it has the components of marketable title. 

Like small stove, fridge, sink, and small cabinets etc?

The kitchen almost finished and only needs cabinets for completion.

Move in the multifamily home until our home designed how she wants it is ready such as flooring, cabinets etc then move in her "dream" home.

New roof, flooring, windows, quartz countertops, and kitchen cabinets.

I'd buy it using an FHA 203k (most likely)with plans to update anything that's "quick & easy" to do, like new cabinets & counter tops or new washers/dryers without using up every cent of my cash on hand. 

New kitchen layout includes all new cabinets, appliances, quartz counter top and a custom sink.

New kitchen layout includes all new cabinets, appliances, quartz counter top and custom sink.