Going forward, you can just include additional language/terms that provide an opportunity for contractors of your choice to inspect the property during the due diligence period.

What would the cash flow be on either choice? 

But I think defining your minimum cash flow, cap rate, COC return, and any other metrics you think would be beneficial would be a good way to help analyze your deals, that way you have something to measure against.

I am mostly interested in Real Estate, but I am aware that there are many choices in different fields.

Make the right choice now.

Happy to introduce you to a rock solid Philly agency that works with investors and also provides one on one guidance to enable investors to jump the learning curve and make good choices/plans.

Managing one's properties is one of the many choices real estate investors need to make a decision on.

Do realize there are other mortgage products out there outside of the FHA loan that could be beneficial. 

has anyone asked their tenants to apply for a housing choice voucher or section 8 program while they are currently living in your property?? 

Poor people are poor because they make bad choices and have poor money management skills.