Would I be destroying value (real or perceived) by updating or replacing these windows?

Almost every home in Mexico Beach was destroyed. 

I was always under the impression that as long as you pay the bills and don't destroy the house, there is no issue with someone else other than the mortgage holder living and paying the bills so to speak.

Likely a government assistance area so you have to deal with those tenants that don't care about other peoples property and will destroy at will...

I know this first had as I was commissioned by various developers to demolish MHC's destroyed by Hurricane Charley and his 3 buddies after they ravaged a good part of the State in'04.

Not that your mom cares, but it will destroy her credit (if the mortgage is in her name).

I’m aware of the 203K loan but would prefer not to destroy my potential equity in the property by being forced to hire contractors to do repairs that I can easily manage.My ultimate goal is to try and have the owner seller finance the property, maybe at least till I can get it into a habitable state and then move into a conventional mortgage, but if this does not work I would like to have a back up plan.

I know I did not until a client was explaining how he got wiped out when his vacant house burned down.. 100k lost still on the hook for 70k loan .. can't walk ruin his credit and in Texas they can and do get deficiency judgments when you walk from a mortgage regardless of the reason.. its something that can destroy an investor or put them in bankruptcy.  

I guess I have a mental image of drunken frat parties that destroy the property - just wondering if that should dissuade me or not...Best regards,Charles

No one wants to manage it you can't collect and the tenant destroys the house.