If anyone here has any suggested reading, I would really appreciate it!  

At $600/month and using 50% for expenses, suggests around $30,000, but going in if it takes dollars to renovate, to be rentable, you may need to offer less or look at raising the rent as soon as possible to make it return more for you.

This elderly gentleman said that the property has served him well for many years and it was time to hand it over to some else.The property is in pretty bad shape so my team and myself have decided to fix it up and give it to someone else in need for ZERO dollars also.I was hoping that you could point me in the right direction of how I can do something like this and to who I should give this house.I really want to give it to someone that has been suffering for a long time and is need of a home.Thanks so much and I’m really looking forward to your suggestions so please comment below and let me know your thoughts.

any suggestions for someone who put  an offer on a property, based on the loan terms laid out by him?

I'd like to thank everyone for the advises/suggestions and wanted to give an update.  

My point about focusing on B/B+ properties for the optimal combo of flow and potential appreciation still stands.

I would suggest shopping around.  

@Daniel Dietz, I was going to suggest the seasoning, as well.

Thanks...ill have to look into that our first property manager was awful, even the tenant disliked them...any suggestions on how to find a good company?

If you do not show enough income I would suggest trying a portfolio lender, as they may qualify you based on credit and cash flow of the property.