i would not buy a random property in Alabama that you find on Zillow and turn it over to people you've never met just because the price point is appealing.here are some threads on how that can go:https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/12/topics/1215726-break...https://www.biggerpockets.com/forums/48/topics/1137397-balti...i own property in 3 states - happy to answer any questions you have.

As Peter and others have stated you need to get a few different opinions are the work needed, costs, etc before making a decision on how best to proceed 

To answer some questions, yes, there is a clause that states in an emergency situation prior approval is not required.

They go into the sad state of the economy and particularly real estate valuations (properties depreciate, not appreciate like we're used to) which is what drives a lot of Japanese investors to the states.

Our company has designed over 100 flips for Real Estate Investors in 12 states, and one of the biggest mistakes that we see our investors (try to) make is always going BOLD with the design!

A break even into a profit, and a profit into a windfall. 3- Capital - I used to state this as access to capital, back when the rules were loser, the regulations less onerous, and information less readily available.

typically no special license is needed when doing it for hard money loans that I am aware of. there may be states like california and nevada that are tricky where lenders need a license of some sort but for most part brokers i have seen are not licensed. 14 or 15 states require state license and NMLS registration.

But once I got the bills, I increased the rent with the tenant's approval and signed an addendum to the lease stating the rent increase would be X and the owner would take over utilities.

Their lease is 6 month term with a same rate month to month however, their insurance states the rebuild of their home and fire investigation efforts are going to take 12-18 months. 

Thanks, Victor.I have met the people in person, and it's a fairly large, established lender operating in multiple states.