The rent needs to justify being able to maintain a clean functional rental though so do that analysis as well. 

Initially, we were building and using regular mortgages, and the properties were in our names. 

We agreed on a price, I have a one page purchase contract, I contacted the title company and started the clean title process.

Large flat walls are cheaper than small areas with lots of cuts & corners.It will take a small crew about 7-10 days to hang drywall, tape and mud, then let it dry a day or two, then sand, mud again, dry again and sand again, finish and clean up.

Once the property is foreclosed on, the title gets wiped clean. 

Covering lead paint with regular paint doesn't make it lead safe.

I believe that if you are indeed going to use it as a regular rental propert someday, you need to analyze it as such. 

Did you guys commit to making this a regular meet-up?

I will be traveling to view the property next month and I'm in need of local contacts for property management (cleaning & laundry) and maintenance for the MEP systems.

I would however have them sign a cleaning addenda that outlines what they can expect during their move-out inspection and what the associated fees will be.