Each could be $5,000 or more to replace.

The BP podcast has been a part of my daily ritual as of late; it has permanently replaced my Pandora playlist! 

Sound like a solid investment to you guys?

We expected some carpet damage and that a repaint would be needed but in reality the wood floors are destroyed, windows need replacing, all carpets need to be replaced, cabinets require replacing or refinishing, and the grounds need landscaping.Originally our plan was to fix this home and sell it.

It sounds likely that you will need to evict, so be prepared.

Hit him up as he can explain it better than me but it sounded perfect for flips. 

You sound like you have begun a good relationship with yours already.  

There seems to be stuff on the market down there in the 50-60K range that needs serious updating but otherwise seems to be more or less sound -- but I'm just looking through listings.

The house was built in the 50's and the plumbing was upgraded at some point to copper and most of the major items were replaced at some point and time to meet more modern standards.

Owner financing to me seems worse than just renting on a property that needs a ton of work it sounds like a legal nightmare trying to foreclose on someone who stops making payments because they think you sold them a lemon.