So my question is how to best structure a deal with one caveat being that I don't necessarily want to formalize a Landlord-Tenant arrangement given the amount of work the house might need if I had a housing inspector walk through, which could quickly kill any profit on the sale or bring the asking price out of reach for the tenant.

I'm still in the "ramp up" stage of my investing career, but with three units I can tell you I've never had a property vacant for more than 13 days. 

I think there are ways to create value, stabilize areas, etc. but the traditional relationships of investor-landlord / buyer-tenant are upended given the housing values...a 501(c)3 seems like the way to go for some areas and then a traditional LLC arrangement for other neighborhoods. 

I should also note that this doesn’t make this fee structure more “right” than another, it simply means that the vast majority of property owners and PM’s in our market have found it a comfortable/acceptable business arrangement.

I will also be at the Houston Real Estate Networking Club tonight if any Houstonians would like to send me a P.M. to arrange a meet-up at the event.

I'm very much in the learning stages but have decent financial modeling skills and a MBA which should help me get started.

At this stage in my life I am entering reeducation and unlearning everything the school systems have taught me about being a Cog in the machine (employee) and learning how to build a machine (buisiness).

A co-worker of mine is in the beginning stages of buying/building a new house in a new development that is just now under construction and will be selling the house she lives in now. 

I think I'd work with the current occupants (squatters) make out some type of occupancy arrangements and explain that the rent payments going forward would be sent to you. 

I've never heard of that.Also, I noticed today that there's a sign in the window that says the house is under the management of a certain company, and when it comes for sale, arrangements to see it can be made through any real estate agent.