There will be a lot of knowledgeable folks there that can talk to you about the local market as well as REI in general.As for doing long distance property ownership the key thing is you need to find a good property manager.

As far as I am aware the change in ownership has occurred and the deed lodged with the county.

By putting the property in a land trust with the owner as Trustee, the bank or his lender can not call the loan due and at the same time, by you being a beneficial interest in the trust, you have ownership interest in the property (technically, you have interest in the trust that owns the property).Still another way to do it is by you getting an Option to Purchase on the property where the renovation cost is your option fee and to protect yourself, you get a Memorandum of Option recorded.

While real estate doesn’t have to be rocket science, neither is it necessarily true that even an experienced investor can take ownership of a piece of property without needing to wade through negotiations and the finer points of the deal.Some deals, however, are inherently simpler; skipping the need to come to terms on things that might be fixed or improved or covered by the seller before the buyer takes possession.

I can target messages based on home ownership, income, home value...

Interesting @Mike M. ...this property was apparently a gift to the owners daughter who could not handle home ownership...You know, it's weird, the owner seemed pretty down to earth despite the condition of the property.

I will purchase as owner-occupant, and transition it to a rental after the 1st year window of ownership has passed. 

See http://www.law.cornell.edu/cfr/text/26/1.856-1 Having said that, American Homes 4 Rent operates as a REIT and holds property in a variety of LLCs where the LLC ownership is through a limited partnership (LP) that the REIT owns along with another LLC.

I don't have ownership experience, but I was in a fraternity and we had a large house around the size you are inquiring about.First - absolutely have one lease for the house.

Why would anyone want to give ownership rights to you for rent payments.