Just touring the units will give you a good idea on how they treat the property and also gives you a chance to ask them if they like staying there or if there are any issues you should be aware of.

These numbers are just basics that I use, but will give you an idea. 

The idea is to complete the renovations, get it filled up with tenants, and then refinance to a lower rate lender.

A fellow BP member / friend challenged me on this and threw out the idea of keeping the house as a long term rental and then using the cash flow to pay the payments on a newer vehicle.

My S/O brought that same idea up.

This saves all of you a lot of time and trouble.Your idea of an open house is a good one depending on the market.

Any idea?

Just to give you an idea of the market. 

The rent will need to be a 'fair-market' rent, i.e. is it equivalent to what a non-related party would pay, or a similar rate as other SFR's in the area are charging.Additionally, for further proof of intent as an investment, it is never a bad idea to have a lease agreement with your tenant, whomever they may be.

I like the idea of investing out of state (need to get that BP book!)