Now get out there and don't post until you've interviewed some brokerages and tell us about your progress.

An idea how things need to be engineered or access to professionals to help assess this cost3.  

And would you recommend it if the market around your demographic is not yielding as much progress as you had anticipated?

Here are some things that a buyer may need to know about the property, besides liens and comps (comparable sold properties): zoning, setbacks, easements, utility length/connection cost, phase 1/2 soil assessment, survey, legal access, and flood zone.

We own 7 rental condos, and while @Brie Schmidt is correct, if you research the HOAs, you'll know up front which ones do and don't allow rentals, how many owners vs. renters there are (important for financed sales down the road), what assessments may be coming, how responsive the management company is, etc.

He gave me a price of $84, the assessed value and likely a little above FMV.  

Currently assessed at $105k and in a trendy/popular location.

I responded to the tenant's text notifying me this morning within 1 hour and I have a contractor coming out this afternoon to assess the problem. 

You do need to have a preliminary inspection of the property to assess if you're going to have work to do once it is empty.

If your investors are savvy they will want to see progress on the rehab before handing over all the rehab money.