I'm looking for a way to help him keep a beautiful home with minimal risk to either of us, but hopefully also make a small return in the process.TLDR version: $1M property value, approx 15-20% equity.

I would say bigger is better when it comes to DCR so to minimize downside buy a more stablized, cash-flowing asset with strong in-place CF.

Expenses are minimal (Maybe $3-5k for the year is our estimate).

So we have a tenant that we inherited who is paying minimal below market rent for almost 3000 sq.ft.

But maybe you can survive if you only have one property with minimal activity.  

They had 2-liter bottles of urine next to their chairs because they didn't want a bathroom break to interrupt their all day gaming. 

The guest should not have to interrupt their stay to report an issue.

We are seeing the average 3 bed 2 bath with minimal rehab running in the 150K-200K range and property taxes are currently low, creating a good opportunity here to prop up the rental market which is slowly running out of supply to the increased demand. 

A couple of things you could try to help minimize your risk.1.Doing a virtual walk through with the realtor asking questions and taking notes on problem areas.2.Have a virtual meeting where the realtor introduces you to the contractor or even multiple contractors to discuss the problem areas and solutions.

Fannie and Freddie are in the low 5's if not high 4's on a 30 year with 0 points and minimal processing/underwriting/closing fees.Like I said, if you qualify, go for the conventional financing.