If you are confident you can increase rents $300+ per unit/month with little upgrades, you may have a strong deal on your hands. 

The other records for that property will sometimes show how often the property has changed hands, or if it was foreclosed to a lender, etc, in the past.Tips: If you live in Orange County now, or you know someone who does, try to look up your/their house in the county land records for practice. 

Now, if this is something you want to end up doing full time by all means you should get your hands dirty on something other than a 203 loan project.

Ask yourself, if they are doing all of that what do they need to hand the profits over to you for?

I'm expecting my 2nd little boy anyday and traditionally landlording has been more hands off than vacation renting landlording!

I'm wondering if any of the more experience CPA members can give a hand on this so I can guide my CPA and close this chapter of my life with him.

On the other hand, these tenants have been fantastic (my best so far) and renovating with them present would help generate more goodwill and perhaps lead to extended tenancy and other network benefits (They are both nurses and may have co-workers who are looking for apartments). 

@Andy Rousch, I recommend you look at the Philadelphia and Allentown markets if you want to be a passive investor, or stay in your local community if you want to be hands-on. 

I buy my list through listsource and then hand it off to a VA who handwrites the letters for .20/c a letter and ships them for me on a weekly basis. 

Just remember, to always have liquidity on hand and neve to overstretch yourself too much.