The seller says I can just deduct the repair cost from the tenant security deposit. 

Would love to connect with someone familiar with the area to learn about the market as well as costs of renting beach properties. 

Outside of the that the monthly cost was more then the value provided.

You can't charge a tenant the full cost of replacing carpet if the carpet was already eight years old and had a life expectancy of ten years.

If you haven't seen it and the estimate is 25k, it will be 50k minimum.

The NV side in the north has simple regulations although a higher cost of entry.

@Daniel Mendez As much as possible.If we do a holding agreement to take the unit off the market we try to get them to pay the first month rent and any other move in costs other than the security deposit, which they pay at lease signing. 

Renovations would cost around $30,000 but the only things I've done are Plumbing, foundation work, gas line, and new windows.

There was an additional cost of 3k that we didn't expect because we didn't walk the attic, but that's to be expected for a sight unseen offer.

So, you  should hold back enough liquid assets in the inherited IRA(s) to cover your estimated required minimum distributions from them over the expected life of the real estate investment.