I personally feel that that adds an element of risk to the deal that could be better dealt with by raising equity from a partner. 

Not much new in the findings we didn't expect except for visible termite activity (doesn't seem too big or uncontrollable) and water damage to a bedroom window frame and interior wall due to a poorly installed AC unit and subsequent rainwater entering the house at the installation site (also reasonable to repair and capital budgeted for the fix).  

So there I was waiting to hear what damages were going to be, afraid that it would eat all of my profits.  

The cost of the materials and the damage to the house caused while installing it, isn't worth it in my opinion. 

with many years of dealing with foreclosures and investment properties.They should know everything and everyone else you need to pull this off.You need an excellent contractor with a good eye for spotting damage that can't be ignored or repaired later to go with you to the property.Good luck to you.

They won't look like new floors, but they will look nice and if they get some damage (within reason) you can more easily deal with it yourself.

Do you have the money available for the first months rent, damage deposit, and utility deposit. 

If so, is it easy or did they make you jump through hoops to prove that the tenant did not pay when the 1 year was up and/or that there were damages once they moved out?

I'm not familiar at all with the Prairie View area at all so I would be out of my element, I'm definitely more comfortable with the BCS area but I appreciate you being willing to help out!

You will not have control over the payments made on the loan and if they are missed you will have to make them and your credit will be damaged.