If he has a mortgage on the property you can bet he has insurance.

I bet over time you will make many more deals and get paid to do it.. as opposed to trying to circumnavigate the RE rules ethics and laws.

You all have helped me move on from being a wondering noob searching to the internet, to now a well educated real estate investor(: Happy hunting!

You bet Tylor.

I would expect you can bet on pretty good appreciation in the next 5 years if your place has good bones.  

Start by driving around, walking different neighborhoods, talking to people and doing some internet research.  

That's why I'm thinking that the HML would be the best bet for my first go around although the more costly route.  

In a smaller, rental property like this one you can probably install a simple IKEA kitchen for about 7-8,000 pounds but add 60-70% if you hire a handyman to do the work.I have no idea if your rental or expense numbers are correct but local resources will be your best bet for that info.Hope that helps!

Go to some REIA meetings and talk to other investors about it, search the internet, keep asking here on BP then get on the phone and call, call and call some more.

I have been unable to find the phone number or the address of the absentee owner on the internet.