You are likely expected to bring a crew to move the stuff out unless the people are there and they are capable of getting their stuff out.I would also try and offer the person a few $$ in exchange for getting their stuff out and leaving the house empty and in broom swept condition.

So assuming you don't spend all $453k on the property, you will still have some left over for a more permanent home later in life. 

Brendan, my experience is that you may need to wait 6-12 months to satisfy the FHA and your future Refi lender's conditions. 

The reason I ask is people do really stupid counter productive things sometimes when they feel threatened or embarrassed by their situation.

Is it worth spending $2k to replace this carpet even though the value of the property will not be raised due to a consistent sale price over the last couple years throughout these 2 bed 1.5 bath condos regardless of condo condition?

I love the idea of becoming free with my time for my wife kids and family with the passive income making us comfortable and being able to enjoy life to it’s fullest, but I’m sure at some point I’d like to sit back and just let properties pay for themselves so my kids can take them all over when I die creating legacy wealth for my family.

It should add the most value to the house (actual appraisal value), and will add the most value to your life in that house also. 

You'll never have the ideal conditions.

The reason that you just signed a bunch of paperwork promising that it was gift and you have no expectation of repayment, is that if you then try to threaten the house to get your son to pay you back, a judge is going to kick you out of the courtroom....

To clarify the tenant in my case is not elderly and I can’t speak to their medical condition lol