If you can identify, name, and get service on the former owner(s) then you can do the much easier and cheaper in personam QT, which you can often do yourself without an attorney.

Get all tenants info immediately (name/#/SS etc.)2.

Give them a call and feel free to use my name as a reference. 

If he’s “financing” the purchase that means you’re buying sub2 or on a wrap, the loan stays in his name so he probably won’t qualify for another loan.

Something to keep in mind with STR, that's tied to why REI is a smart game to play - control is the name of the game.You want to control the guests and rates (vet them in hopes of avoiding property damage, set rates to attract those willing to pay more for quality)You want to control the costs (furnishings, consumables, cleaning/repair/plumbing/electrical)You want to control the property (choice of property, location, financing terms, well or city water, septic or city sewer, etc)This is all going to be very hard to do, if not impossible, if you don't OWN THE PROPERTY. 

The main point is to find distressed properties to get the biggest discount possible.

Every investment property can be depreciated (usually 27.5 years for all resi buildings like this) regardless of whether it sits in an LLC or in your name personally. 

Cosmetic upgrades will have the biggest impact on value for appraisal purposes, assuming the existing mechanicals are functioning well.I would say look at some homes that have sold for 115k - 120k and see what kinds of upgrades they had. 

"Hi, we [came across your name / were referred to you by Jane Smith] as someone we might want to work with in locating an investment property in Somewhere, OH.

@Greg Jeanfreau @Greg Jeanfreau - I started an LLC. leases are signed with my company name.