Renter's Insurance is a cheap date for the tenant; it protects their security deposit and assets. 

Many of the investors I know have dialed back on their private equity investment or have changed to doing debt instead of equity so it was not prime time.

Assuming plans are needed to secure a permit.

Look for a place where you can secure items that you do not want tenants to have access to. 

Some of the other lenders mentioned in this thread are more so private lenders / hard money lenders and while they may underwrite based on DSCR, I don't think it is the DSCR loan you are looking for.

It isn't having paid off properties that offers security, there are still taxes, insurance, maintenance and management involved. 

Real estate is so localized that most federal based policy changes don't have massive influence.I can see him (semi-)privatizing Freddie/Fannie.

Focus on key areas first (like floors, walls, kitchen, or bathroom), which may help you handle the costs more gradually, even if it means moving in furniture or updating fixtures down the line.Also, since the tenant left it in rough shape, be sure to document all the damage (photos, receipts) in case you decide to pursue reimbursement through their security deposit or in court.

I want to discuss it privately, which is why I requested a PM.

I noticed that the previous owner let them pay half the security deposit and the other half later, which is a red flag.