Also, make sure to record every transaction clearly to avoid any issues with the IRS or legal matters.Hope this helps!

For money judgments, in particular, it’s often worth consulting with an attorney to make sure everything is handled properly and legally—especially when you’re operating remotely.Best of luck with the process, and definitely reach out to the Facebook group for some additional insights!

What is the discount on the Note and how much are closing costs?

Is there any legal notice i should provide to the tenant as per the laws? 

He has no legal rights to the property or the deposit because it belongs to the legal occupants of the rental.

You can also assess a dollar amount that you value the cost of these requests to be, and ask for these as a discount from the purchase price or a concession to you for closing costs. 

A FHA 203k Loan is where the purchase price and rehab costs are rolled into a single loan.The downside of using FHA or a FHA 203k is you will need to live there, for a minimum of one year (to satisfy FHA Requirements); AND because you closed personally, you will not have Asset Protection, in the form of closing in the name of a LLC.

As others noted, you are likely limited in what you can legally do anyways, so you won't be saving a ton, and depending on how you value your time, it will likely be cheaper to higher professionals to do it anyways.

Read my book, Brandon's book, or Every Landlord's Legal Guide by NOLO and learn how to proactively manage your property well. 

I'd find a sweet deal close it and see if you can get another one after that.