Is it at the spray with bleach and all is well stage or is it extensive and will take hiring a specialist? 

If you just hire the cheapest or first PMC you speak with and it turns into a bad experience, please don’t assume ALL PMC’s are bad and start trashing PMC’s in general.

Here are the details:From an operational standpoint we are basically 50/50 and will both be actively involved in the business, we will be hiring 3rd party management. 

I learned to hire the best inspector you can find.

Otherwise, I think you have a case to get out of this deal but will need to hire an attorney to file suit against the Seller for breach of contract and committing fraud.  

I would hire a lawyer and start the eviction process.

However, I doubt you will find anyone excited to work with you if there is no JV style payoff at the end, and if you are just going to hire them to do the work, your interests are not aligned, so I would be careful how much credit you give their estimates/assessments.Whatever the outcome, you will be happy you did it if you just know your numbers and take action!

Are you doing the work yourself or hiring a Contractor?

Looking to purchase a BRRR and willing to take on some of the work myself but will need to hire out the bigger jobs like drywall, roofing, floors, etc. 

The only exception I see this is some companies will hire relocation companies for employees moving for work since they are more familiar with the area however this is also a sign you may have a short term tenant.