As long as you don't argue with them or make them mad, you should not experience more than the usual brain damage of getting permits.

The property has been vacant for awhile, and any searches I do brings me back to the damaged/vacant property and no additional info. 

If the oil runs out and results in damage to the system, the tenant will pay for the repair.I also recommend you be clear about this in your written lease for future renters.If there are repeated violations, terminate their lease and start with a new renter.

I would benefit from the decreased cost of living (effectively paying reduced or ~hopefully~ no rent), but also would take a greater role in managing the property seeing as I'd be physically living there.

Bill is correct, John: GA did change some habitability- and eviction-related laws, effective 20 days ago - of which I was not aware until just now.

Could anyone provide advice on the most cost-effective way to construct this and tips on estimating the total cost?

Thanks D  Effectively, if you use a 1031 exchange, think of it similar to the replacement property doesn't exist for tax purposes and you kept the old one.

I would think a rabbit does less damage than a cat or small dog. 

For example, if a family is displaced due to extensive water damage that will take a few months to repair, the insurance company will then look to find temporary housing for their customer/displaced family.

The cabin I'm selling is in Arizona and I have already contacted a QI to facilitate the sale.I've heard insurance companies are being really picky but I'm hoping with a condo purchase this won't effect me tot much.