Another offer is asking for owner finance for 84 months with monthly payments due to seller.

Second, I have experience with hundreds of pet owners and it is very rare (in my market) for pets to cause more damage than the deposit will cover. 

We are seeing its very challenging, especially for out of state owners. 

Is it possible to get a loans on a paid off investment property that does not have  homeowners insurance?

For instance, at one point when I was working as a senior accountant in a property management firm, I was training a guy who was a CPA for 30+ years even though I was hired 2 months before him.I worked only in real estate accounting and financing and became CFO.

Plan to rent the property by the month, targeting traveling nurse/Dr. 

If converted into a rental property, renovation costs can be capitalized for depreciation deductions.Good Luck!

When looking at the property today, and the current rents that it is getting, anyone can see that the property is clearly underperforming.

Can you please advise me on how to purchase an out of state home where the owner has a reverse mortgage on it? 

I have rental properties in both NV and AZ, all are 1 to 4 unit properties.