If you really want to pursue this I would attempt to get photos of the unit prior to when that tenant moved in (from the PM or the former owner - or at the very least a checklist the tenant signed noting any damages when they moved in). 

@Jim GoebelThank you very much for sharing your perspective, your thoughts are very useful for me, I have a little break from managing everyday issues, so I was thinking to make some decisions on who is responsible for  working fire detectors, what company to hire to check detectors and other safety issues, I am going to sign an addendum/reminder that people would not use basements as a bedroom if there are no 2 exits. 

In terms of the books recommendations, I think you need to determine first what niche of RE investing you want to pursue then I can make some recommendations.Good luck!

I have been thInkIng of signing up for a property management franchise (my wife is a realtor) so I can hIre them on my payroll.

Your financial situation will often determine what financing situations will be available to you.

They have said that it would be different if I lived on-site.One bank also said that for a line of credit, they would only consider purchase price + actual cost of renovations for  determination of value. 

They aren't for everyone and I AM NOT signing up for their educational system, which looks incredibly valuable, I just want to save the money I have for closing costs and any down payment I might have.  

Specifically I'm curious about bandit sign placement/laws, reputable transitional funding in the area, local investors residential/commercial, as well as local REIA groups.Any wisdom on these topics is more than appreciated.

@Brian Dombrowski any time you are providing private money, whether for equity or as a loan you best bet is to have a lawyer that specializes in RE draw up the agreement and assist you with the structure.There are a dozens answers to your question depending on many items, with who and if all the investors are under the same LLC etc. etc.Every investor I know that has done private financing had their lawyer draw up an agreement that the "borrower" accepted and signed. 

If the unit is vacant, how can they guarantee a price based on the rent unless you delay the closing until the lease is signed?