However, our current situation is a bit unique and has a human aspect we can't overlook.The potential tenants in question are in immediate need of housing, and we have the opportunity to provide them with a safe and comfortable place to live.

I rent every room in my house out that my kids are not in so that brings me  1500.00 more I get 1000.00 from the trust only but grateful I get it  and I have another rental I covertly rented for 1700.00 I am actually working on two more rentable places in basement and a tiny home I got a good deal on to rent as well.that will bring my income to almost 7500 a monthI have a resource to get 140,000 k as long as long provide a house to them they can rent for the rest of their life,they are sick and we talked the terms out as he will sign the house over upon death.

Offer contract with an agent will be a standard vacant land OTP and they should provide you with a sample copy before you list and go over it all with you so there's no surprises. 

@Seallington TouchI don't think the location of the CPA matters provided that they have a solid background in Real Estate and software/tools to support you remotely.Finding a Real Estate CPA is simple.

Have you tried talking to a turnkey provider that are in several markets?

I wish to assume the FHA loan and keep the mortgage, clearing the arrears and paying something to the owners to motivate them for the dealIs there anybody who provides that service to coordinate this transaction for a fee ?

I work with a team on the ground that can help end to end by sourcing deals, project managing rehab and providing property management.

My thought is the cash flow may be better than long term rentals, providing me with a mechanism to more easily role into a second or a third property.

for 1050/month all bills paid. they claim this cash flows 3600/month (4200-600). the math on that is they say electric is 90 unit, trash and water is 50 each for all 4 so theres your 600 and say they can provide receipts on all this. it's located  a handful of miles, about 6-8, outside the nearest small town with a wal mart etc.one thing is it seems better apts, in town with 600-800 ft, go for more like 1k no bills paid. even adjusting for the all bills paid part, i feel like 1050 is aggressive on these. otoh near me some crappy tiny apt with mold and everything go for 750, and these are much nicer than that. i think 700-800 would be an absolute floor on what they could rent for.i guess i just have no idea for example, insurance?

This can help you estimate expenses more precisely and function as a reference for contractors.To obtain quotations for the job, get in touch with many contractors.