DEpending on wha tstate you are in , this could be a costly and time consuming process.I just closed a deal where escrow is holding $2000 of seller proceeds to be used for tenant eviction in case they do not move out according to the notice given. 

All depends on what that monthly payment will be across the different options and going with what makes the numbers work.

I should have been specific with the landlord or property Mgmt experience.As a lender, have you seen any consistency with what lenders consider or will accept as some type of “property Mgmt” or does it just depend?

Not sure if you can find an angel investor or seed capital investment group that can help you there, I suppose it depends on the type of project you will be undertaking in Nevada. 

I am running numbers to the best of my current knowledge and it seems I may get around $750-$1,000 per month depending on the location and condition of the home (with $750-$850 being average).

On a refinance, depending on the equity you have in the home, the refi “could” be no cost...

A lot of that will depend on how much water entered the home.

There are 6 billion "it depends" scenarios and only a portion of them depend on financing. 

Different people see different supply and demand characteristics depending on if they are looking to buy a house in Dallas or Reno, thus making them different markets. 

The fact that you get a spread between what you offered and what you sold the contract for, can be considered a "fee" depending who is interpreting the law. good luck.