Thanks for the shout-out, @Evan Polaski.There are other risks here--first is this can't be bought at a 4.5% cap rate, or any cap rate, for that matter, if it is a new-construction lease-up. 

I guess it only matters if you get sued or a notice to appear. 

For a problem that could have been resolved in a matter of hours/days or just a week at max, you can easily waste a few weeks here; - It is very often difficult to get them to act.

No matter what you do, you cannot replace the value of boots on the ground so the next best thing(in our experience) is spend some time down there, interview some potential handymen etc. and forge a relationship, we have multiple that we have connected with in person and when you make a personal connection with them they will take care of your property better, especially in an emergency situation.

This would involve recognizing a loss on the portion of the property disposed of due to the replacement of the roof.Your understanding that taxing insurance proceeds and tracking depreciation or partial dispositions are distinct matters is correct.

Often, it is not simply a matter of the former owner being unable to redeem.

This is my first REI property, so I'm trying to find cost effective solutions to this matter.

Of course, with all things, the answers to all these matters will depend on the circumstances.California tends to have more laws on the books and requirements and restrictions that it can be a good idea to form a CA LLC for out of state property so that you as a CA resident are covered, and to try to have your contracts fall under the purview of CA courts.

the land bank they are talking about is city owned property they took back for non payment of tax's or liens etc.. its NOT Bank/lending institution you buy the land from the city land bank they may have special programs for locals that are looking for owner occ situations.. either way if you pay cash which is how most of that is sold if not all of it.. then your credit does not matter.

@Roy SahachaisereMost CRM’s all do the same thing it’s just a matter of which one works best for you.