When viewing the house there seemed to be major water damage from the top floor.

Here in Texas renters typically pay for everything - all utilities- water, heat, hot water ect.

(from http://amicuslawgroup.com/could-mitt-romneys-ira-be-disqualified-an-adventure-into-the-muddy-waters-of-the-prohibited-transaction-rules/ )

Notes can be assigned without recourse if that is the plan, the future borrower can sign with recourse, that blows that purchase money note stuff out of the water and avoiding the promise to pay is NOT a ploy to employ.

Go talk to an REI guy and he will tell you how well they do things compared to the big guys.

I can make those decisions with an email or access to the following information.The address of the housePictures of the following Kitchen Bathroom(s) (tub, vanity and floor) Roof (reasonably closeup) Front View Rear View Furnace AC Hot water tank Window, typical of the majority in the house Garage door Fireplace Driveway/Sidewalk Garage if free standing Main electric panel Anything wierd, or destroyed that is not on this listSome rehabbers may want comps, I run my own.

Its a 2700sq ft brick colonial... what we know is there are foundations problems, mold on third floor and in basement, water damage on first and second floor, needs a roof, kitchen, windows.

What about other routine stuff like the refrig or water heater goes?

I'd say rents are good compared to purchase prices here in Houston, although I do not have direct experience in other markets.

the only one what is more fussy is the water and sewage. it's the township and they report ownership changes to the tax dept, they require landlord info.