A quitclaim deed won't help you reduce the costs.

It can lead to all sorts of "little repairs" that they do for you to reduce their rent by 10-20%.

Quick example here -- https://tubularinsights.com/tax-deductions-us-youtubers/These expenses/deductions will help to reduce regular income tax as well as self-employment tax.Any deductions not tied to YouTube income will not help to reduce self-employment tax.

House hacking is an incredible way to get into buy and hold real estate investing with a relatively low financial barrier to entry… plus the added benefit of reducing housing costs!

I also agree that today's technology has greatly reduced the need to visit in person.

This reduces the cash he needed to bring to closing.Moreover, if the building needs repairs, you can also negotiate a deferred maintenance credit to further reduce your cash to close.Hope this helps

You only back out after doing you due diligence and deeming it is not a good investment, I personally look at inspection and expenses in due diligence as insurance investment to reduce loss. 

Reach out to @Joe Mueller he is an investor and started Investors Title Services LLC and they specialize in investor closings at reduced fees, although I used them for all my closings and save money on every one of them. 

Use that money for investments that yield 8-10% returns rather than paying down the debt that's costing you 4-5%Focus on reducing that debt payment or increasing your income (no brainer but had to say it)Have a lender determine your buying power. 

Buy a little lower, rehab a little more and refinance to reduce the equity trapped in the property.