The problem is it is peeing on the floors, which are mostly tile, but bedrooms are carpeted, and the tenant isn't picking up the poop in the yard.  

Fairfield County is obviously out of the question, there are so many towns to pick from beyond though, it's overwhelming. 

There is still good money to be made in AZ, FL, GA, TX and other states, however, picking the right submarkets is key.

Is there any way to determine how much PMI insurance will cost for such a loan?

My purpose of this step is determining all the damages and cost of rehab.

Hoping to meet people who I can pick their brain.

One common rule of thumb is to take 80% of the purchase price for improvements and 20% for land.Another way to do it is to look at the county's values for both land and improvements and use those to determine the percentage. 

What I'm looking for is to pick up other properties along the way as the Richmond deal will take about a year to complete. 

You would then be required to calculate the depreciation expense.Depending on if the cost is for a repair or an improvement will determine if its currently expensed or capitalized.

OR you can decide to pick and choose what you would like to be involved with your project.