The other options you are playing with fire as using a HELOC that is paying interest is essentially buying with 100% financing.Having no skin in the game has always been a high risk strategy and people were able to get away with it the past few years due to the money supply and inflation but I would not use that as the measuring stick.

I have been through the BK route more than a few times in 40 years of HML ing.. and as Don states it can be just crazy what happens what the debtor will do what the BK trustee will do what the judge will do.. that all said if your position in the note is discounted enough probably still worth it. but in my mind to pay 90% and if there is not SIGNIFICANT upside I personally would not do it unless you have a repositioning play or something that no one else sees. 

If you're playing Poker, and you have put a lot of chips in the pot, but your hand hasn't improved enough from all the draws, what do you do?

I think with Boise in particular, and the pacific Northwest in general, positive cashflow is difficult to achieve, especially for an out of state investor since the market is so competitive.Even with boots on the ground, cash flowing properties seem to be a unicorn even when purchasing for 70 cents on the dollar.One opportunity for cashflow in Boise is the ADU play -- new regulations make it more conducive and returns can be 10%+ cash on cash for a property in the right neighborhood.- Kole

You are playing with fire with this strategy to start, but then when you count in an inexperienced rehab to rent a year later, I would earmark this for disaster.

Also what brand, material and carpet type should I get?   

I've played around with the idea of giving guests a YouTubeTV login but that seems risky.

It will not cover foundation issues Thankfully, no EMD was used in this during this deal.If its unlike for them to sue, how does situations like this normally play out if Buyer doesnt want to terminate?

This is perfect for developers to tear-down and put a brand new construction home 4,000 sqft house which could sell around 2.4M. 

It is brand new build, so no room to increase value outside normal appreciation.