Just trying to see if this is feasible and cost effective. 

They certainly saw the rip in the screen, the holes in the walls during their inspection.Our lease has a clause to the effect that the tenant has inspected the property and is accepting it 'as is', EXCEPT for items that could not be observed during inspection, for example, water was off, so tenant could not see the faucet drip. 

This was a really good reminder that we need to put together some sort of operating agreement and some other policy paperwork as well but I'm not sure where the best place is to start or should we just get a lawyer?

But then you'll want a good lawyer and accountant to help you on those fronts. 

I think networking can ve ans effective way, to help me understand how to get started, in flipping/ investing etc.

@Jeremy Lee My advice is hire a lawyer to help you figure it all out.

Is there an effective way to repel or prevent squirrels from invading a house?

Nothing against one man/woman operations but the reality is a single person performing property management flat doesn't have the resources to effectively manage many properties.

I feel prices are so macro in the city that just by decreasing some vacant properties on a single street can have huge effect.

@Brit Hale If it's a great deal I would still go ahead and get it and turn it into a long term rental and then maybe at year 5 or 6, once you let it cash flow for a bit, go ahead and hire a lawyer and do a quiet title action and you should be good to go.