You’re leaving yourself wide open for a fair housing violation without set parameters. 

Most (actually all of them I am familiar with) will allow the buyer to leave in escrow a certain amount to ensure the repairs are made.

As long as your description is detailed, pictures are professional/clean, and your rental is priced fairly, you should begin to get lead calls!

I plan to thoroughly vet each association, but there's only so much that you can do to ensure they stay on track.- Use restrictions and potential profits during the busy season may prohibit us from getting the best use out of the place.- Appreciation will likely be better on the beach.

Buyer demand is high in our market so this is probably only realistic if your seller is fairly motivated to get rid of the property. 

I've had a heck of a time finding an honest contractor that does good work for a fair price.

@Jenny Wall Congrats on a potentially good deal -   first repairs are NOT the tenants responsibility in ANY rental - however....there are ways to add more of it to them in a lease option - in the lease portion you can usually ask they pay anything up to $x  .... usually this is fairly small like $75-100 - however it will depend on your local judges and how they feel about this. 

This is a fairly common question and it does have some important details to understand:There is quite a bit of difference in how rental income is counted between a "FHA" loan and a "Conventional" loan. 

I find it to be fairly easy to manage out of state, the only real difficult part is tenant turnover.

if the other party Is paying and she is going to fork over her deposit seems like a fair trade to me.