It's probably worth your while to e-mail them some current pics of the damage as they will likely be surprised it's not in perfect shape, especially if they've relied on tenants to keep the place up and don't use a PM. 

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Either way, I also discuss with the Owner at this time what the market suggests the new asking rent should be, and confirm his strategy for the foreseeable future regarding hold, sell, or whatever in order to (hopefully) not spring any surprises on new tenants.Owners are welcome to provide us with contact info for their preferred vendors, but we let them know that standards must be met with regard to timeliness of repairs, interaction with tenants, and, if we will be paying the invoice out of their income, they will need to be properly licensed and insured.

Conveniently located near scenic 30A, Panama City Beach, and Destin/Miramar Beach.

Don't be surprised if it is 20 years or more, or even never, if your cashflow turns negative after factoring in the overhead. 

A home to stay in for the night for convenience purposes.

But you should prepare an iron-clad partnership agreement.Don't be surprised if he wants more than 35%.  

I actually wouldn't be surprised if they beat it up a little on the way out for you.

My achievements will surprise the ones who doubt me and I will give my family the life and experiences I never had.

They have recently built a convenience road, added more upscale dealerships such as infinity, just built a huge beautiful apartment complex with about 800 units and that same builder will be back in a couple years to do another mixed use building with apartments and retail.