I'm an Ex-NFL athlete (currently a Free Agent) that's looking for the next step after my football career and I think REI will be the perfect fit.  

@Jermaine Riggs   Remember the 6PsPrior Planning Prevents P*ssPoor Performance There are steps that you can be taking today that will better ensure you will be able to qualify for the best of terms on your purchase in TX.1. have a Mortgage Broker run a Tri-Merged MORTGAGE credit report and pay the extra $15 for them to also run the "What If" score increase simulator to know how best to pay down debt in the interim2. start eating MREs and saving like a maniac until you close as the more money you can show in reserves Post-Closing, the better the programs you can qualify for.etc,etc,etc,   

I don’t want to do a undoable deal but I will pursue no matter how little the profit if there is to made depending on the reverse mortgage

For the floors, I'm thinking about vinyl in the kitchen and bathrooms, laminate in the living rooms and common areas and carpet in the bedrooms and on the steps. 

I'm not sure what the proper steps are since I'm going to be moving to a new area.

Our Property Management Team has taken the correct steps to make sure your property was repaired from previous tenant damages and marketed immediately in search for a new tenant.

Your first step is to meet with your local buildings inspector to find out if your plans are even feasible.

Would they pursue it?

Since you don't own the asset yet, you shouldn't be discussing with tenants.One step that is sometimes forgotten is, once you have made a serious offer (your due diligence period), you should explicitly ask the seller ( as part of the offer) NOT to enter into another leasing agreement at prices/conditions not approved by you. 

If you can get sellers on the phone (and mail as well), you'll be one step ahead of the competition.