Personally, I'd just charge him rent as per normal, then have him invoice for the work that he does, and keep all transactions clean and clear. 

Regular financing may come in at just over $400K conservatively. $300K would be needed for DP.

I find a noticeable difference in pristine, showroom sales condition and what I call or have heard called fair "rental condition" (clean, functional, but not perfect)...Unless you get a  super careful tenant, your unit will be closer to rental condition after the six month tenancy than pristine sales condition.

Would like to turn into a clean, safe  rental property quickly.

The other units are in good shape and very clean but this could be our chance to impress under new management.  

If a property is not clean and move in ready when you close escrow, you will have down time where can not earn any rent or even show the property until it is ready.

A property can look clean and well maintained but still have high repair costs and capital expense costs when old systems and appliances break down.Are the tenants current on the rent?

I think for the house hacking approach the first goal should be to have your tenants paying for your expenses so you're able to live there for "free" So if you'll be making enough money from rent to pay your regular bills like the mortgage, taxes, insurance, utilities, etc. and can put the excess money and your own monthly "rent" contribution aside for cap ex and other maintenance you'll be in good shape.

Usually the points are paid in full regardless of it is a 3 month or 12 month loan, unlike the regular monthly interest rate. 

Monetary transactions must be controlled through the use of receipts and regular monitoring.