Before crunching the numbers more or even thinking of making an offer, I have a few concerns:  I'm in Austin, that means building a network of contractors, agents, etc. in Dallas that I don't haveI'm busy at work, and am not a full time investor, is it possible to be "hands-off" and still be successful on a first rental like the one I'm considering? 

i would check the property on the county website and see if any contractors filed any NOC that have or were to do any foundation work if you are concerned there might be a sinkhole. 

We used one of those legal websites and here is the language we used with repayment specific to our situation.Loan AgreementDated: __________FOR VALUE RECEIVED, the undersigned, NAMES (the "Borrower"), located at ADDRESS, hereby promises to pay to the order of NAMES, (the "Lender"), located at ADDRESS, the principal sum of $XXXX together with annual interest of X% on the principal balance, and in accordance with the terms set forth below.Payment.

If you have a high end rental, you'll have more deposit and tenants will be concerned about having bad credit and won't likely just take off and leave you hanging with repainting. 

(This particular municipality doesn't release usage stats, either aggregate or by address nor have any figures been shown.

When you saw all the units did you ask tenants if they have any maintenace issues that need addressed? 

This has to be understood before a corrective action can be addressed.It almost sounds like the bank foreclosed, mixed up the addresses (legal description rules) and you have “owned” the wrong property during this time.I dealt with a similar issue, two halves of a duplex, where the Original legal descriptions were reversed upon the sale of the units.  

Please send recommendations name/ph/email addresses. 

my main concern Is Oregon inheritance tax... :)  

You dont have to have the property on hand but they might want the address to take a look at it and give you numbers and of course the numbers can change.