The property needs a new roof, two ceilings have severe water damage and there is some mold.  

Personally, I prefer to handle the entire tenant placement process myself for the following reasons:-nobody will care more than me-I have processes in place for all aspects of tenant placement (so I don't need to spend any time learning how to do it)-I like to meet all the prospective tenants in person (meeting in person vs. on paper or over the phone can be very important and effect your decision)Again, that is just my preference.  

She is from New York so I am forcing her to move a bit further south.I am very new to real estate and unfortunately only have experience either living under my parents roof or renting from a landlord.

These wood shake roofs are now unlawful in the Peoples Republic of Kalifornia to install, BUT, will a lender lend on a home with an existing wood shake roof that is in servicable condition in a lower risk area, to wit, a residential area in a city (Fresno)?

I upgrade to 200 amp, insulate, replace dated light and plumbing fixtures, replace the roof if necessary (or budget to replace it if it has a few more years on it--I just don't wait until it starts leaking), fix any drainage issues, replace windows (maybe 75% of the time), make sure doors/hardware work properly (I install hinge-stops and/or those round plastic bumpers that affix to the wall so I never have wall/door damage), limb up or remove trees, and of course give it a thorough cosmetic upgrade so it attracts good tenants.

Welcome to BP community @Steve Worthy It is a great place to meet new friends and learn about various aspects of real estate and more.

Also I am not a big fan of properties with multiple additions that don't meet up correctly/ different floor elevations/ roof lines, etc. 

We have read a bit about Tennant in Common (TIC) Agreements and realize that we have to have something on paper and that the exit strategy is the most important aspect of this.

I would suggest starting from the beginning and starting to read about various aspects of buying, renovating, renting and reselling:- How to find financing- How to evaluate deals- How to estimate rehab costs- How to schedule renovations- Etc...Also, it's not clear what your exit strategy is here (long term rental, resale, conversion, etc)...that's something you need to decide.Regardless, start reading the forums, check out the Beginner's Guide, etc...

Welcome to BP community @Israel Herrera It is a great place to meet new friends and learn about various aspects of real estate and more.Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetWishing you the best!