I spoke to a loan originator from a major bank that does FHA financing.

@Alexander Nason when @Chris Mason says "a tad higher" regarding the standards for an FHA property, what he's saying is that an FHA loan requires the property be in livable condition PRIOR to closing on it (unless you do a 203k loan) so there is no way that you'd be able to close on a property needing any major work. 

@James Derrick This property has major problems. 

@Danny Abrahamson - KW (and most Realty Agencies) are going to want you to either be full-time or have a plan to get there in a "reasonable" amount of time; however, it is also known that the vast majority of licensed agents are part-time.

Look and ask about things that would be a major cost. 

Duplexes in Taylor, Texas (40 min from downtown Austin and less to the Domain, Round Rock, and major employers like Apple, Dell, Samsung, and others) run as low as $150,000.

I did a little research and it does not appear to be a major expense to get it done which is making me lean towards taking care of it on our end. 

@Joshua Espejo, to address your questions:Late Fees:  Majority of PM's will keep the late fees. 

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I currently live in the Phoenix Arizona market and we’re seeing some major growth here in the past 4 years.