Loan: Bank Statement, $4,300/month PITI.

Travel nurses are making bank and sometimes I think the locums companies provide lodging.

Borrowed money from friends and family to pay cash for the property as the bank would not finance it until it had been remodeled, made livable, and brought up to code.

If you have bank loan (not an agency loan) or no mortgage at all, an LLC is certainly an option.

Personally, and what I would do for my clients, I would connect with a local community banker to discuss the property and see if their bank would entertain this type of financing (not all banks like doing this type of deal).

Each jurisdiction has their own Zoning designations and restrictions, and they can Vary significantly.

The tenant was paying rent to the previous owner but hasn't been paying rent for a while since the property was foreclosed and sold to the bank.

Also, check to see if your jurisdiction is practicing "Just Cause Eviction", which went into effect statewide earlier this year for municipalities that which to opt in. 

Could be different if you are working with a bank that do not sell the loans they make 

@Charles Kao I believe he means attorney & Title Services that are familiar with non traditional or creative Transfers or Sales of property that don't include Banks.