So far, I'll be requesting an inspection of the house to know what needs to be updated/repaired.Thanks for your help.  

You have to offer the unit before they will inspect, no pre-inspection. 

The biggest advantage of using someone local to where you're buying is that they will understand taxes, insurance, and similar items very well when it comes to DTI/DSCR calculations and payment quotes, and they will likely have a local network of service providers for ancillary services (survey, inspections, etc).

Only an investment team can provide the crucial local knowledge you need.Moreover, you'll need various resources to find, validate, inspect, renovate, and manage a property.

Quote from @Chas Lumley: Quote from @Caleb Brown: Getting leases is typically done once under contract, I always have verbiage that leases will be reviewed by buyer within the inspection contingency.

If you do all that and their inspection on their purchase come out okay, you will not have a problem.

Even when we got ours transferred, they were super strict when it came time  to an inspection.

I do plumbing inspections on the way in, along with full home inspections, and sometimes we do a pre-sale home inspection on the way out before the sale and we offer that as part of the listing package.

That will require a rough and final inspection. 2) When installing drywall you will need a nail/screw pattern inspection. 3) You will need to provide 'conditioned air' to these rooms..how are you going to do this and that will require inspection.Will you have to increase the size of the electrical panel?

Section 8  rates (and lower) will also give you a rough idea of what your market rent will be.Yours is an object lesson in the mistake of buying what you can afford up front rather than what is a good opportunity.People just starting out should only buy local, that they themselves can inspect and get a feel for.