It has 12 dorm-style bedrooms and two bathrooms, plus lots of common space (TV area, kitchen, outdoor space, big basement storage).

In general, make sure everything works (fixtures, appliances, plumbing, etc.) and everything is clean, and everything is safe.

Further, your house is now approaching the age when things, like appliances and faucets, will need to be replaced.  

We have thought about using propane wall mounted heaters in the bedrooms and the kitchen which would go along with the heat pumps in the main living spaces.

Kitchens and baths command higher ARV's and rent.

Missing a/c unit, both toilets, kitchen sink( no pun intended ), hot water heater, cabinets, part of the back fence.

New construction will generally require you to use brand new appliances, HVAC, etc. a rehab won't.

If he wants to do a deed at the kitchen table and starts getting worried if you start talking about going to a title company then there might be other liens, judgments or something else involved.

Here is the Kitchen durring and after:And the Dining Room after all that crack residue was chipped away!

Seller warrants that at the close of escrow all heating, cooling, electrical, appliances, and mechanical apparatus are to be in working order, and the roof (s) to be in good repair and free of any leaks.4.