I know he is in a financial situation where the expense is not an issue, but morally I feel a sense of responsibility to cover some of the costs out of respect. 

If so, you can bill back water/sewer consumption (increasing the NOI and cutting one of your largest expenses)  but you'll want to see if that's common practice with your competition and ensure rents line up as well.

Welcome Carlos Morales !

My opinion is someone with a low net worth and good morals can take it in their personal name without issue and most banks require it.

You need to account for: Lawn care ($25-ish x 20-ish mows per season)Snow removal ($25-ish per plow x 20-ish plows per season)Water/Sewer: ~$240 per quarterHeating oil: Stated oil consumption in the listing is 730 gals annually - I'd confirm this with the fuel vendor if you can.

Moral of the story is..jump in. 

It is money that is not working and I a morally opposed to my money not working for me.  

Most solar engineering software accounts for average weather conditions for your zip when sizing the required system to offset your electric consumption.

I see this as more of a moral question than anything else, but quite a large one that obviously is going to affect all sorts of decisions about all sorts of other things too.Its the interest charged that makes the whole thing crash every so often.

Last thing you want from a moral & legal perspective is to put a new family in there, house gets shot up then it comes out you knew about it & didn't disclose.