I have been trying to get a distressed/value add LTR property under contract in my local market for some time now.

Once you’ve set up and marketed your rental, use the cash flow to scale your portfolio over time.

I would also add, a contractor that you can buy materials for and they know how to put them in with little to know direction (reduces the management time of the project).

Low cost, possibly yes, but also possibly very time consuming and that has a cost.  

Maybe there's an angle for seller financing or some other creative approach to get the seller the total return they want over time, but it's hard to say without actual facts and data.

This ensures the landlord is notified any time the policy is changed, canceled, or renewed, making it easier to track without relying on the tenant.The difficult part is enforcement.

Every state has a slightly different process, and time frame for each step, so you may want to consult a Realtor for your state process.

Total waste of my time and his.  

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

Can or should I deduct the expenses as part of the cost basis of the home when I purchase it?