I invested another $40K to completely renovate the condo (a renovation value of about $60K, since I was able to cut costs through knowing contractors) - therefore, I was thinking of selling it as a flip to make a profit and re-investing the cash into a rental property.

@Ron RohrssenSounds like you want to cut them a break for bearing with the storm damage.I’d get a few quotes for the repair of the garage door and then send them to the tenant and explain how you need to take their deposit and they need to cover the additional expense.

You are middle man looking to broker deals for your cut, not an investor looking to invest.

Another big motivation for me is to start building a financial safety net for the family.

But next of kin close family is where I would be going if you can get to them and see whats up.If the whole family has limited resources may not be much help there.I know when my mom was in the same situation the corporate owners would not cut her an ounce of slack so I paid her rent for years. 

And you can likely find a company to cut you a break on the leasing commission as well. 

Everyone on the property is concerned about health and safety related to Covid and we are all vaccinated, except for the kids.

If you fail to sign the lease and pay rent by the agreed rent, you will forfeit the deposit and we will place the rental back on the market.When someone inquires, cut/paste your response into an email.

THIS IS WAY TOO LONG. this document is critical to a wholesale investor because it is what protects us from any dishonest sellers/buyers cutting us out of a deal. i do not want to know what it feels like to lose money on a deal just because i couldnt get this figured out. 

Some cover all of the rehab and then cut your LTV for the acquisition while still others require payments during construction and others don't.