If you have taken those into account as well as specifying some percentages of the monthly rent to management (in case you ever want to relieve the responsibilities), capital expenses (roof, furnaces), and vacancy, and still have a good cash flow then it would be interesting to look into further. 

I've been parked doing some deep introspection and now I'm pumped to jump back into real estate. 

I've only been on here for a few months, but I've dived really hard into educating myself on SFH REI and am getting just as deep into Multi-Family/Commercial currently.

@Wayne Brooks Which do you think will get better results here... 1) Owner does nothing OR 2) Owner alerts deep pocket lender that their investment may be in jeopardy, and whyIf the initial scare from the attorney letter to the adjacent owner doesn't resolve this, the issue might still be resolved by a lenders title insurance claim. 

With respect to auctions, I just took a deep breath and purchased a property through an auction site.

The units will be 20 wide by 30 deep with no garages (600 sq ft a floor). 

Any sort of shortcut is not to replace a proper analysis and thorough due diligence, but if you're analyzing a ton of deals, a quick a shortcut may be helpful to determine if a deep analysis is warranted.

Here is my process I have thought out for now, please feel free to critique/provide improvements based on experience:Learn through BiggerPockets, David Greene, Gary Keller -- I personally want to avoid getting too deep into this phase, get the basics and run with itCreate a system on analyzing a property - I have my own parameters that work for me and have put them on an excel sheet - I have what I call 'quantitative' and 'qualitative' tabs that give me a 300 degree viewGet pre-approved as I am learningNext comes the Research phase (learning and researching are going together) - this is taking time.  

Do a deep dive into his employer's healthbecause if we've turned, tenant lay-offsare the nightmare coming soon...

@Deep JohalThanks!