I have seen REO properties in these areas for as little as $16,000 but, the repairs needed to bring the property up to par to either hold the property for cash flow or sale is extensive.

More facts on the deal:It's located in Maine near lakes and a ski mountain (35 mins from Portland), but houses tend to sit on the market there for a while due to a small pool of buyers.I have a candidate lined up to rent the place at $1450/mo plus utilities with good income, credit, etc.Only expenses are taxes ($2200/year) and insurance ($1600/year) as I now own it outright If I put it on a year lease (which is what renters want in this area) I'll be back in this position in a year from now and could extend the lease or sell it.The house was extensively renovated so this is the only time it will ever be "new." 

The renters/buyers who apply for this RTO program would be self-selecting, since they would know ahead of time that they would be required to submit a lot of information to qualify.  

I'd be surprised if they didn't have an extensive section about doing that in their documentation.

If you where going that route I would also ask for 1 or 2  two year extensions.

You said the mold was very extensive and it took a lot longer. 

Had lots of interest, filtered extensively to obtain a quality tenant that would maintain the property. 

But, I was soon to find out that without any experience in the field I was just another applicant that would need extensive training to bring up to speed. 

@Joel MatthewsEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

Buyers Agent Realtor who knows how to put together an attractive 203k offer Lender who is experienced with 203k's (HUD has 2 databases to help you select the best one) Contractor who knows/understands and is experienced with the 203k (suggest a contractor who has been independently vetted such as a Certified 203k Contractor).