First, talk with a tax preparer who understands the capital gains rules and ways to avoid them.I'd ask about Adding you to title now while he is living. 

Are you planning on living in it?

@Juliette Olsen While this is a very personal decision based on many factors I think if you already have a decent list of contractors having previously been living in the house then you should be fine self-managing should you so choose.

In a drive able distance to where I live in South Carolina.

If you tell them you're a landlord and you own the property but aren't living in it, they should be able to quote you for liability, the house, and a much smaller amount of personal property (appliances like your fridge or stove)

See my other posts for typical renovation costs in Metro Detroit, and how to build a portfolio in Metro Detroit if you don't live locally.

I am in Honolulu this week and looked at a foreclosure condo in the towner next to me and HOA is 1300 and the building is working fine..  2 bd 2 ba 1k sq ft nice kitchen and bath just needs carpet and paint opening bid 1.3  persona losing it only had a 750k mortgage the rest is unpaid payments taxs' insurance and HOAs must have lived there 5 years or so making zero payments to anyone.

Coming at you live from Nashville, TN.

I would like to purchase long-term rentals (ideally in the Denver metro where I live) but am not sure what, if any, cash flow I could achieve. 

The heads-up is much appreciated, will have to dive into their videos online as well, once I make the switch.