Can I also charge him rent till I find a suitable tenant ( I intend to aggressively market the unit)?

Happy to connect when you need help sourcing off market Augusta GA deals.

In regards to your markets you mentioned, TX is likely going to be a better market for appreciation than OH. 

The one caveat I have about that area is that it is starting to be classified as a declining market.

Especially considering that you seem fairly open to having the work done and even working the long term tenants & PM to keep the property in good condition, there is no reason your PM shouldn't be taking you up on that. 

Or dive into the other town and learn from scratch all over again on the rental market? 

There also aren't too many properties out there that have a value add because buyers will pay top dollar for whatever comes on the market.

I can't tell you how many properties have units easily convertible from 1 bedroom to 2 bedroom units, units with favorable dimensional standards which can boost rents with no photos to showcase these attributes, assessment square footage that is not correct,  upgrades not identified in the marketing materials etc.

the reality is BANKS left the fix and flip market after the GFC.. very few will do them unless your a premier client of theirs with a  long track record and they are doing them as a service to you. 

I want to understand how to structure the finance terms.if for example the house is on the market  for $200K1. how much do i ask for down payment2 going interest rate?