Grill me, shoot me straight, anything helps. 

I have recently been made aware that I get straight to business without really concerning myself for the sellers side of the story and when you have the sellers problems, goals, etc.

FYI - not legal advice.If it's not a formal assumption and it's a straight sub-to, typically the seller remain personally liable for the debt if the investor defaults.Essentially, what can the investor do better than the seller after refinancing the property? 

I would introduce yourself to the parents (really all of the neighbors, it is a good thing).The parents will help keep the kid on the straight and narrow plus it helps show that you are a responsible STR owner working within the community.

-I hate the process of placing tenantsCan someone please set me straight?

Economic progress is rarely a straight line, and the key takeaway is that while inflation is still present, it is not accelerating out of control.Much of the increase in prices can be attributed to factors that often occur at the start of the year.

The big unknown is how deep the electrical and plumbing work will go.Also, with the attached 1/1 unit, I’m debating whether this could work as a long-term hold instead of a straight flip.

I believe it is completely reasonable to have a clause in your lease that places a cap on utilities with any overage (proven by a bill) being the responsibility of the resident.Our clause states that any electrical bill (we don't have gas, and water has never been a problem) that is over double the same month's bill from last year will have the overage assigned as a fee.It is important to keep your bookkeeping straight if you do assess a fee.

If loan balance is $300k and it's worth $400k and an equity partner puts $40k to bring it current then they have about 40% of equity in the property - now they would not take straight $40k as probably more costs involved.

You won't get a straight answer here since this is a question for a professional that you would normally consult with.