I’d love to connect with local investors and agents and, further down the line, with contractors when we’re ready to take the next steps.Looking forward to connecting and learning from everyone here!

Drive around the neighborhoods to understand the lay of the land - if you have someone who will take you around and explain, better yet. 

If they "sold" the house to HUD, it likely went through foreclosure, nobody bid on it, and it became an REO.

I've been through situations like this.Hopefully the family pays rent and this becomes a non-issue.If they don't pay the rent, you need to be understanding and kind, but firm.  

That sure is a pretty looking bridge, I hope the local people find it to be a very useful thing.

In addition to the interest of the loan, you'd also be paying this as well. 

My goal, over the next five years, is to utilize real estate in lieu of my current hourly consulting income, by building a portfolio of rentals.  

The term "reasonable" is going to be redefined.

Or the easiest is but an add here on BP.

My net cash flow went from only $1600/month to 19k/month over the next 6 years.