Would you live there if you were just a regular homeowner, if there was no extra money to be made?

Depends on your state laws so check that out.

It could be worth reaching out to them directly or checking out platforms where you can list your notes for sale.

check with your insurance agent if your insurance covers rental income during repairs.

If you do this regularly, the purchase will come easy.

In terms of LVP, I would check local rent comps to get any idea for what renters in your area could be looking for. 

Check out their listing HERE.

Make sure to check and see if you need a permit.

If you a re borrowing money check with your lender to make sure they will allow you to act as your own GC.

Most states allow for what are called "'Occupancy checks" Of course you should verify this and then post a Notice on the door stating something similar to the following:"PLEASE BE ADVISED THAT ON ------- 2024, THE OWNER OR THE OWNER'S AGENT WILL CONDUCT AN OCCUPANCY CHECK TO DETERMINE IF THE DWELLING IS CURRENTLY OCCUPIED OR VACANT.