My plan now is to send them a welcome letter to introduce ourselves and letting them know a new rental agreement will be following shortly, a small questionnaire with the questions above and a Welcome mat as a gift.

Since then he hasn't done anything to the property because he is financially strapped at the moment but he still has a mortgage on the home that he pays every month. 

Strapped with student loan debt and fewer job prospects, it is harder.  

Cash strapped owners, rehab properties, possible installment sale solutions, The seller can create a passive investment property from an active investment property.Asset protection and lawsuit liability can be decreased, because fractional interests are harder to attach than a whole interest.Dodd Frank does not apply with TICs, it is the same as buying from Investor to InvestorTruss or entities can hold a fractional interest.

In Calif, it is code to have the water heater strapped to a wall - - and yes, they take pictures and report the condition to ESCROW, not the city.

I want it to work and be fun and not strap someone.. these things always cost more than you plan  LOLI have to go to Dallas for a short trip tomorrow I will post when I return

Use a GREAT product like Schlutter Ditra mat when you put down your tile and chances are you're not going to have many issues down the road if installed right.  

I'd not recommend starting part time unless you're strapped for cash.

@Hersh M. at 20% (38K) down this deal will net $1400 per month or $200 per door

With that said- flooring is one, kit. cabinets and countertops is another and Lighting is the third.I budget 5bucks a sf labor and mat for flooring- I hardwood all public areas (LR DR hall) ant tile wet - (kit & Ba) carpet the bedrooms at $12sy.