He let the grass grow to high, his dogs chewed the baseboards and dug in the yard, He put a whole in the garage drywall with a barbell, and the fence is busted in multiple places.

heck you goose dog  ( dog that chases the geese away so they don't poo all over your course) will run you 20 to 30k.. :)  @Wayne Brooks  Wayne not sure if you have seen the new set ups called TOP GOLF  those are quite brilliant set ups.. and springing up in every major market.. 

Also, in many ways they don't care -- if there is an emergency they will do whatever is needed and ask questions later.Neighbors can report can report complaints to the city/town who will track down the owner via tax records.Therefore, I believe the notice is to benefit the residents so they know who to call for maintenance, complaints, etc.

Careful as some areas they will require it to be finished as a single family if not a true multi.

The owner could be in a hospital, or incarcerated or on a trip, caring for a sick relative in a different state or in the military on assignment or any number of things. 

While you may say that you don't care, because it's just for getting extra rental income, it can make a difference down the road, if your fil ever wanted to sell or refinance. 

Be careful on borrowing from your 401(k). 

I don't care about the fact that i have to pay capital gains tax for >500k.

I would be very careful commercial in small towns can stay vacant for EVER and a Day.just drive through any small town between Dallas and New mexico.. look down the main street.. nice brick buildings 90% vacant then on the outskirts of town a walmart and the associated fast food joints..the resi might work.. and maybe you change the commerical to cheap storage but put NO value in its cash flow would be my advice unless there is some compelling reason you think those would be leased.. if there was demand they would not be vacant would be my thought

Also, most of the cash partners I have will look at IRR, but again, they tend to care more about the cash yield, so we focus on CoC.