found an item on the title that states if the land is sold that the house comes with it as a full real estate package

Place order for items*Material cost of this section: Seven Thousand Dollars. $7,000,-Phase 2: Roofing/Exterior Windows and doors. [5 days] Close up external side door between living room and kitchen, patch siding, patch wallReplace windows, replace front entry door, power wash house/deckRestoration of vinyl siding which includes power washing and replace any missing pieces of siding.

typically these standard lease agreement are design state specific and you could always add additional items in addendum to suite your specific need.

The estimate included language that any unforeseen items discovered that led to overages would require written notification, a new signed agreement to that work, and payment up front. 

Not interested in Turnkey btw - I'd rather buy pre-renovation (not post-renovation) to capture the equity myself.

Those that work with investors frequently will turn the repairs around quickly allowing you to get it rented sooner and minimize vacancy (your biggest expense when the property is actually vacant).If you want to capture all your capital gains now without tax and put that into a multifamily, that may also be a good option - but you can still get some favorable tax treatment later even if you go ahead and turn it into a rental - so long as you lived in it 2 of the last 5 years at the time you sell it.Hope it works out well for you!

Identify the critiical items necessary to purchase the deal.

The operating account should be to receive rents, pay expenses, and have a debit card attached for quick spending items.  

Hello George.We all as investors face the same opportunities, finding a good deal and getting it under contract for what the property is worth (taking into account financials, terms, rehab, etc.) and getting it closed, so we can turn a profit.I can only assume you are just getting started in investing based on your question (I could be wrong), so my first action item for you would be to market to these owners through post cards, letters, door knocking, email, phone, social media, etc. so you can gauge interest in selling. 

The rent is then determined based on the lowest of 3 items A)  The asking rent  B)  The maximum payment depending on program limits and income of the tenant  C)  The market rent (as determined by CMHA which is not always reaslistic).