They do outstanding work and can handle pretty convoluted plumbing jobs.

@Clayton Hepler It means that in order to close (transfer ownership) any and all outstanding debt must be paid off.

Would the basis be the ARV less the cost to purchase is ($50k) and the cost to rehab it ($30k) or would it be the outstanding balances of these two loans?

This implies that if you purchased at the beginning of that window with projected $200 negative cash for that 3 years later you would be experiencing on the order of $300/month positive cash flow.The issue is that last 7 or 8 years have been outstanding in terms of market and rent appreciation. 

Regardless of your student loan debt being in deferment, an FHA loan will count 1% of the outstanding balance as your payment or a payment showing on the credit report whichever is higher?

We did a preforclosure a bit back and the outstanding water and sewer was a few thousand dollars which isn't a huge deal but definitely just something to be aware of, especially with the numbers this close. 

Update: The belligerant tenant paid all outstanding electric bills he owed, AND he signed the lease renewal at the higher rent.

Plus, when you are successful in your unlawful detainer a judgment will be placed for the outstanding rent and attorney costs related. 

I have already vested the company and they are all set, no debts, nothing outstanding, litigation etc..I will receive a percentage of the company as well

Paying for a proposal is not common in my area but I believe here that would be a price of entry if a person had zero network to draw on to get pricing.If I was completely new with no experience and had no contacts with anyone who knew any contractors, I'd get 3 prices from 3 general contractors, with outstanding online reputations or reputations from my home insurance company.