I am super green and trying to get started up north so I can't answer too many questions, but thought I would toss in this info!  

Where I live is super hot also and there is very little chances of getting cash flow which is why I decided to invest out of state also as of about a year and a half ago.  

Flood Cert(usually super cheap)?

You want cash buyers, be prepared to sell super discounted deals.

I need to add that he is selling FSBO.Since I'm a wholesaler, I can see this situation playing out to my advantage to where I have a super motivated seller driven to his wits end by a crazy tenant. 

This all being said, I have no idea how to structure this...Fee: 10% of rents collected (market)Release: 1/3 of 1 month's rent (market seems to be 1/2, I live next-door not really a hassle)I am going to be taking care of his yard, but it's super small and connected to mine so I will maybe charge him $10-20 a month to offset my supplies/gasoline.

For $40k diff, we can't get house done in that super condition.

Yes, I know the banks are super conservative these days, but, I see only danger with this one!  

Additionally, the extra schooling gives credibility to my business idea with my wife which is super important. 

I done plenty of guardianship of minors estates and conservatorship deals, too.Tip: too many eyeballs looking at these deals to buy at super bargain prices.