They will usually send the property owner a bill.

Guy A has Real wealth, compared to the "Fake" wealth of Guy B, wealth that actually decreases his ability to purchase assets, compared with cash equivalents.The point is that it seems to me that the guy that is unable to accumulate accessible wealth is at a huge disadvantage in this business to the point where much of his net worth is rendered useless in his pursuit of early financial freedom. 

I'm mostly looking for the ability to conduct my own research and get to know the market better.  

Gives a much more complete look and many home buyers don't have the will or ability to buy appliances and deal with moving.

I have budgeted all of my properties to use it, and it allows me the ability to own two investment properties 1000+ miles away from where I live.

Would it be possible to enter into a purchase agreement with him, subject to him obtaining the ability to sell from the court?

Ive seen people put out of business for violating that unwritten rule.The other important thing an agent needs from you is to see that you have the ability to close a deal.  

Legally, you're only allowed to take on representation in areas of your competency and it sounds like residential representation is not an area which you nor have access to the data and systems that will allow you to professionally arrive a pricing and the ability to market such a property. 

If so, I will do so as I am not confident in their ability to pay the rent. 

For a hold, I would also make sure that your rents are on target with at least 3 property managers and see what their absorption rate is (ie how fast it will rent).In your reno, I would recommend you budget to put in another full bathroom, that will help secure your ability to rent.