I've done it but I required a double deposit and last month's rent to protect me from them skipping the country and leaving me hanging.

Hey @John ParshallAs others have mentioned, the current legislative landscape leaves the outlook on the viability of STR investments in SD a bit up in the air.However, as @Dan Heuschele stated, ensuring that the property is viable as a long-term rental will drastically reduce the risk associated with that uncertainty. 

If he did not leave a will then the law will say how the property passes.

We currently owe $590K on the loan and Zillow currently has it estimated at $744K leaving an equity of approximately $150K with a 79.2% LTV.

They are here on a corporate assignment and leaving 6 - 8 weeks early.

If it goes the other way walk away , and leave the deposit — which would be much less expensive than having purchased a home and than having to unload it .I think it’s a win / win What city are your beach homes in ?

Your house is definitely from that era, and while it's fun to overstate the dangers of asbestos sometimes it is recommended to just leave them alone.

I understand that with tenants, I should take into account the cost of rehab once the tenant leaves and for the other the cost of finding new tenants.

To me real estate is a way for me to earn income and have more free time for my two kids and be able to leave something behind for them.

@Dan Simpson what a detailed post :)Before you move ahead on this deal, you need to calculate if the renovations you want to do still leave room for you to make money when you sell.