They have more skin in the game then you do.Make sure you get clear title.

I paint the walls but I don' t replace the paneling with drywall.I rip out bad kitchen cabinets but I replace them with craigslist used onesI leave in old carpet if it is still in good shape but not a nice color. 

I'm currently live out the area but I am looking to build a portfolio down in the Low Country over the next few years and then leave my current job and focus on Real Estate Investing full time.  

The way that it works is they are daily interest loans, generally have no payment requirements during the life of the loan, however the equity of the property gets ate up every day. the bank is probably not going to ask them to leave the property when equity position is upside down. short sale is usually an option via arms length transaction, or payments can generally be made for loan paydown and eventual refi once get loan to a more favorable LTV. feel free to PM if you have questions!

Tenant is a foreign business person living in the US and has notified me that they will be leaving the home vacant for 3 months to travel and is asking if that’s ok; also would like to sign another year lease (lease expires during travel time).

Or just hurry up the rehab on my side and get it done and leave the other side vacant?

What does skin color have to do with anything?

Only one more unit needs to be redone when the tenant leaves and that'll estimated to cost 4k.

I started going down the contract path, but was advised by my attorney and others to leave it open.  

My "Why" is because I want to continue to be an active mom in my children's lives (more specifically...not to miss school events, milestones, and just spending time with them), to be able to leave something behind for them (and future generations) that they can build on/take over if they want, and to continue to fulfill my wanderlust as much as possible.