@Chase GrayYou should consult both an attorney and a tax CPA/EA.Why did you put "gifted" in quotes? 

Player throws the ball all the way up court, attempting an impossible shot.

My biggest concern is that the rent is no where near able to cover large repairs to the unit and that I'll end up chasing my tail for this tenant in particular.

Who are the major players in this space?

Right now, everyone I know is chasing it and driving up prices. 

I also Do Not buy the typical C- and D class properties chasing higher cash flow, those properties will not appreciate at a good rate, I'm getting cash flow between $200-$300 per door on Class A and Class B condos, this has worked well for me and I get great appreciation.Some of the other thinks I look for beside being in large major metropolitan cities are:1) Choose condo buildings that are low-rise or mid-size, Since the HOA dues contain cost to maintain the common areas, the less common area the less the dues.2) Make sure the HOA Board reflects a minimum of 12 month leases in the bylaws, this means they've already addressed renters and have agreed on the line in the sand.3) make sure you're on the Board or at the very least attend every meeting to vote on this that may change your investment.4) Only do major metropolitan cities to increase your applicant pool, I've been doing this since 2003 and I've never had an empty unit more than 1 month.5) Don't try to compete with the large apartment buildings with large pools and gyms.

They just keep quitting their current job until I get tired of chasing them and give up collecting. 

Chase turned them down and said they don’t lend for overseas mortgage purchases.Any ideas on banks that will be open to working with them?

It sounds like you're a newbie...the challenge might be getting players to attend.

There is not as much money chasing stuff as there was a couple of months ago