If it is minimal, it might not be worth it.

One of the reasons for wanting the 3 bedroom is there is minimal additional construction cost, but will generate $200-300/month additional rent.  

I think if you and your wife really dug into the research, you guys would be able to find a property at that price point where even with a Property Manager, or rehab/renovation/repairs etc; the additional costs would be minimal, considering you guys make a decent chunk of cash to weather it all. 

Would it make more sense to become a cash provider if I work a full time job, have a good amount of cash saved up and have an excellent credit score with minimal debt?

I want to minimize the risk for fires since the bedrooms are carpeted.

The seller was a local flipper who was looking to sell to get his hard money covered.Went in with an offer slightly under asking and got it accepted with minimal issues.

For the most part, if the 15k is covering capex, you could skate by on minimal cashflow...for the most part, it's a pretty thin deal for renting. 

I'll do my best to work with him, but I would like to gain my home back with minimal effort. 

I am guessing it would be that it is a very profitable asset type with low maintenance, no plumbing, HVAC and minimal electric.

During the turnover and lease-up, I’d plan to be there more and then it should really be minimal on a go-forward basis.