This is a chance for them to learn your management style and for you to observe their demeanor and living habits. 

This inefficiency I observe makes me want to get into the real estate agency business and specialize in purchasing "as-is" homes, and remodeling/renovating AFTER the new owners own the home and can choose what THEY want for THEIR new home.  

@Ian LivaichAs Mr Marshall alluded to, we honestly over-thought this one and just rented it and observed. 

I talked to a couple inspectors to educate myself and they both told me that if there were any areas on the exterior that they couldn't access and they visually observed peeling paint they would have to flag it.

In terms of my personal start, when I learned of syndications, I started as an equity partner in someone else's deals and followed the process along while asking questions and observing what GPs in my investments were doing.

@Michael Guzik  Excellent observations. 

But you are also right, @Peter Martin, that it is a subjective observation. 

I would like to do the same thing as you did, follow and observe.

I’ve listened to all the podcasts, read a lot of the books, but I’m a hands on person and would love to learn the ins and outs of analyzing deals, makIng offers, the whole process, or even just sit in and observe.

Lastly, I am terribly pessimistic so take my observations with a grain of salt.