I recently did my first deal and BiggerPockets played a significant role in giving me the confidence to do it.

If he is their landlord and he has something in the lease they signed.... it's different.If your local has regulations regulating basketball hoops or areas people can exercise/congregate (they can override the lease).

I do believe that investors do play an important role in rehabbing properties that have sat vacant for some time. 

If the property changed hands once then the person who owned the right did not exercise it and it's gone. 

Income is strong, but there is opportunity to improve upon the current rent role with a few thousand invested in a basic clean up.At the risk of sounding like a total newby... 

Also, they may offer discounts on rent, welcome large dogs, have multiple pools, extensive exercise facilities, etc.

If you have any questions or would like to exercise your options through these programs please feel free to PM me.    

Discuss with them how the two of you can work together, which roles each would play. 

I assume you are going FHA because you are going to live there, you can't put it in an LLC for an FHA loan.Some smaller banks who hold loans will allow you to transfer to an LLC without exercising the due on sale clause. 

I could give you one but I think a better exercise would be to develop your own. a huge thing in real estate is being able to sell yourself.