At least you know you are dealing with a seller that is ready to sell.But I understand that there are sometimes properties that aren't listed accurately, and little gems can be uncovered... a popular example would be 2 bedrooms houses that have more than 2000 square feet. 

Honestly I was not willing to pass up this deal on the grounds of the seller/listing agent being untruthful because anything they could have hid from us was researched and uncovered.

Super easy and it looks so nice.

I had my 3rd AC unit replaced a few months ago and while it's definitely worth it (a new 2ton roof mounted package unit will cost me about $4,200 from a local AC company and I end up paying between $700-900 in uncovered costs through the home warranty company).

Of course because it was a HUD foreclosure it had been stripped of the copper pipes, AC and appliances which for me as a newbie was a shock because it looked so nice from the interior.

Its so nice to see people from Michigan.

It's so nice to have the (mortgage) covered.  

You either do a full gut or a cosmetic and fix any major issues you uncover along the way. 

That is my fear, I actually need to go look at the place and do a walk-through with an inspector to uncover "the undesirables".

This means that, even if you rehab that bad boy like crazy, it will still just be the nicest house in a not-so-nice area, and anyone that can afford the rent you'd need to charge to compensate for all that rehab work would almost definitely prefer living in a more modest prop in a nicer area.