If anyone knows the Virginia market, this property is located in Petersburg, VA in case that influences your feedback.I have negotiated subject to and owner financing to purchase the deal using the following structure: I will pay $8k in cash I will take over the existing $59k mortgage payments (28 years left) of $506.70/mo PITI paymentsThe owner will wrap the remaining $8k into a second 15 year mortgage of principal only payments of $44.44/moTotal monthly payment $550/moThe Deed of Trust will transfer to me at closingI will sell the property via Owner Financing to a tenant buyer using the following structure: Purchase price $85kPay $10k downI will finance the remaining $75k for 10 years at 10% interestMonthly payments of $1000/moBuyer may cash out anytime after the first 5 yearsTenant buyer covers repair costsDeed of Trust transfers when tenant buyer cashes property outBasically this strategy is a way to get all my money invested out of the property and avoid typical rental property expenses to keep all of the cashflow.

It will depend on what shape your property is in as to what you may have to do, you can always have the tenant inspection report come back with more things than you are willing to fix and refuse a request for repair, but that could put a strain on your relationship with the tenant if they continue to live there. 

In other words, have your own inspections, repair estimates, etc done (just like with any other purchase) to make sure the numbers work for you. 

If it does need repairs then the price has to be low enough to attract a contractor tenant/buyer.

Generally week one would consist of securing the property,  starting utilities in the correct sequence according to season, insurance and any urgent repairs. 

@Peter Callahan One of my concerns about recommending others is that if things don't go as expected, the blame falls on me for having made the recommendation.When a client needs a tradesman to do repairs, I tell them that I've had good luck with Home Advisor (which I have).  

There are many other factors to consider- looks like you haven't factored in Vacancy, repairs, CapEx, Property Management fees (once you move out as primary residence- unless you're willing to manage it yourself) which eats into your overall cost of Investment/ownership- from the numbers you gave it seems like you'd be at a negative cash flow if you factor all these in.

HOA $255 monthly (covers water, outside landscaping and roof repairs).

Add to that the costs associated with TI's and Repairs and you're usually talking about non-inconsequential amounts of money (for most).My first deal was a purchase for 585k and in total, I had to come up with ~300k cash in Downpayments, TIs, and Repairs.

It would be for a property that has been on market for 300+ days and is in need of some hefty repairs, so there is not much competition and a high barrier to entry.