If you're unsure about the legalities or the best approach, consulting with a property management company familiar with local laws or a real estate attorney could be invaluable.Best of luck with your new property and navigating this transition smoothly!

What is generally needed to become HUD certified property management company? 

I would suggest to connect to other local investors as much as possible to network, educate yourself, make connections with title companies, contractors, wholesalers, hard money lenders etc, those will prove vital to your success.

We got an analysis from 2 different companies and savings wise it makes sense.

During this 10 day period, you can buy directly from the banks with a pre-approval letter and proof of funds.

I hire a property management company to take care of all the management side of our properties. 

I've asked my current PM company to see if they have any contractors that could take a look

If you are looking for funds to make infrastructure improvements you could try the SBA and/or do some research for any State financial assistance. 

Worse case you can furnish it and put the property on Airbnb or peer space as a venue space or STR in between long term tenants.Using an agent or property management company to at least get it rented could really set you up properly.

If you are prepared for that and have the funds to do repairs and renos to get them to market value, then try it.