I would likely need appraisals or some mechanism to measure value upon each buy in too. 

Hey @Elijah Glenn, a few observations:1: I would account for ~12% in total fees when selling. 2: Are you able to itemize your rehab budget, is this a cosmetic job, is new mechanicals needed? 

It is a great read and allows you to think holistically more than just mechanically.  

— How do I find out if there are additional liens (mechanic’s lien, etc.)?

Living on site isn’t required for the job; just a perk and a saving mechanism.

The list to look for is extensive: mechanical, electrical, plumbing, structure, layout, terminate damage, mold......Can only be learned over time and after viewing multiple properties with and without issues.  

Its a full time business with completely different mechanics than passive multifamily.

This appears to be a huge CapEx cost on top of the other major mechanical components of the house.

Ask a real estate attorney for the state you are considering.But, here are some costs:Unpaid principalArrearslegal fees of the pre-foreclosurehome owner's insurancemoney to the seller for movingmoney to the real estate agent if one is involvedtitle insuranceescrowpre-paidsunpaid property taxesunpaid 2nd loan if it existsunpaid electric billsunpaid water billsunpaid gas billsunpaid mechanics liensunpaid fines for city violationsdeferred roof maintenancedeferred maintenance in generaldumpster to get rid of everything left behind

I'd like to learn more about car repairs and save money but I don't have the time or inclination which is why I pay a professional mechanic.