We had a 5-7 year plan to get these building back up to a livable standard, get rents up, etc. 

They are not standardized programs such as Conventional, but it can be done. 

Curious about any type of investment that could have been a purchase of an existing parking facility, purchase of land turned into a facility, or a run down property turned into a parking facility.

Just tell the lender that Fannie / Freddie underwriting standards now allow transfer to an LLC provided the loan holders are majority owner.

We are dealing with a property now that the tenant failed to meet that standard and we are assessing a fee from the security deposit to cover the expense.

Any standard home owner insurance company will provide a landlord policy on a duplex.

@Thomas Kelly  It's fairly standard that investors buy rental properties with leases in place. 

Id say there is no average or standard.

I don't want to move to Florida right now because I'd have to take a salary cut which would reduce my standard of living and would reduce my opportunities (i.e. direct mail marketing) for off-market properties.I’ve been studying and reading about flipping houses for the past year.I currently have a W2.

I am not an attorney, but at a minimum, you're going to need (1) adequate property insurance, (2) a standard lease agreement, (3) a method for vetting tenants/doing background checks, (4) a method for collection of rent, and (5) possibly a license for the property to be operated as a rental (you will have to check the requirements in your jurisdiction).