As soon as I get the paint taken care of, the wood floors are going to need refinishing.

And for those who choose to respond.

I know how sketchy it is in certain areas, yet most investors choose to stick in the areas they are familiar with.

I know the seller is a little squeamish and just wants to close quickly and FHA tends to take longer they are more strict about the properties condition (chipping paint etc) and I do not want to scare him away. 

Lastly, you can choose only to accept bank transfers (or automatic transfers, but requires extra set up) and offer incentives so you're not getting charged a fee. 

The bones were great and with new vinyl floors, HVAC work, and paint I'm in it for about $55k total with 40k financed.

Take out the equity when the seasoning period has ended with whatever financing vehicle you choose(refi, heloc, etc.).

Guests can be asked to leave for a variety of reasons but if they are tenants then it could be a lengthy and costly eviction process for each person who chooses to stay. 

Home is in good condition just minor cosmetics if I choose to touch up on he says.

My business partner seems to think we can just power wash, replace rotted sections and paint it.