[Unfortunately, living in SF where investing in real estate is too rich for my blood - I'm an out of state investor in Atlanta].I have to give them 30 days notice to drop them according to my agreement (which I could start today for end of November) -- but then the property would still remain vacant and being an out of state investor - I'd have to find another PM to take over.  

The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat."

Can you have a friend cosign, or does it have to be a blood relative?

A Tax Audit is not fun, and even if you have to pay a small penalty, it will bring the blood pressure up.  

The nephew (sole blood relative) has never lived in the house.

Typically landlords would describe emergency repair requests along the line of involving "fire, flood or blood" (if this helps).One would assume that a tenant with a lousy credit score, two pitbulls and a yearly income that places her on poverty status would be grateful any landlord would rent to her. 

What percent of the market value would be too rich for your blood regarding the lien amount?

Mostly blood, maybe some grey matter.

Since you are related by blood, you would still be eligible for the normal maximum LTV.

It's in my blood.