The owner has already told us, however, that he will pass some/all of the realtor savings on to us and based on some rough numbers I threw out because of neighborhood comps, it sounds like he would price it to us below-market by 3-5%. 

He said it could cost me more in leagal fees than it would save me in taxes.

I just started using the BP forum, so any advice on where to navigate to maximize my experience is invaluable.

I am actively working on raising my credit score and my personal savings so that I can get a head start on financing.

For example if you know the price of the characteristics, you can calculate expected sales prices for different possible renovations among a menu of different ways to renovate, and then try to make a return maximizing decision.

Save you the cleaning fee that visit and you'd still get eyes-on!

Even if this means missing a month of rental it could save you headaches and money down the road.  

I also remodeled an entire house for $3500, so I am weird, but there are lots of simple things you can do that save large dollars.You're stuck with your PM for a while it sounds like. 

I think this may be the safer bet - save up, renovate, and after kitchen is done refinance and buy new house.

It will get you a house and save their credit and keep the bank happy.