I want to do a buy and hold strategy personally.

It seems like that could be good, in that you get an answer without having to do the paperwork first, and maybe also get a more personal connection with the seller.

Just remember talk is cheap and get everything in writing by the correct person who has the power and authority to enter into a contract.    

I personally absolutely despise sandwich deals, but that's just me.

As a personal finance matter, I balance my checkbook every month and follow-up with uncashed checks.

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The first person/people I'd talk to are licensed contractors since they could give you a ballpark figure.

They may short cut the fix, leave things wet, and create an environment for mold. letting an unqualified person work on electrical can be a huge liability if they get hurt or burn the place down.

They will want to see what lenders will want to see to qualify the buyer; personal financial statements, credit reports, relevant experience, banking relationships, etc.  

Account ClosedMark is referring to the prohibited transaction rules which would absolutely prevent you from putting an asset you currently own into your IRA or 401k.You can invest a self-directed IRA or 401k into real estate, but as a disqualified person, you would not be able to transact with your retirement account.