You will need to provide a letter of authorization for the tenant to manage the utility.  

Currently the monthly rent is $1200 + utilities.

What will be the wisest way to utilize this asset.

No legal access, no water, floodways, hazardous waste, or utilities a hundred miles away are just some of the things that can make the property have little or no value.

Also, once I place the purchase agreement and assignment of contract with the title company, Do I let the title company handle everything and just sit back and wait to pick up my check after closing?

I’ll definitely pick his brain for that.

First thing I would do is hire a company to do a RUBS system for your utilities and put 80 percent of the water sewer hear back on the tenants.

I have spent months trying to educate myself on the process of managing it myself and looking into the pros and cons of utilizing a property management company.

It's illegal on the part of a disabled veteran, whether you are 10% or 100% disabled,  to utilize property tax exemption for rental properties.

Will definitely utilize the expertise available here.