While the circumstances may seem entertaining, the reality is this is not a laughing matter.

From the local Phoenix are folks it seems like LTR is the route to go due to competition.

Does that seem reasonable? 

Since you have bought a foreclosure before, at least you have experience with the liens and the process, but you won't get a final tally of the liens unless you can get your title company to run soft title search for these things in advance.Closing on a foreclosure anywhere in Brooklyn seems like a nightmare to me from an operational end.

I have been using Xero and Quickbooks online side by side for a few months and Xero seems just as robust.

For instance, one property seems to have an extra bathroom that is not listed in the county records.I plan to make some modifications, including removing a closet wall to expand a bathroom and taking out a kitchen island that contains electrical outlets and a switch.

@Ed Ventura the 5% FHA seems like it would fit your current cash situation pretty well.

He seems like a standup guy.

Floor boards were severely charred and inspector worries there could be damage to framing in parts of the house we can’t see (in fact, that side of the house seems to be sagging anyways, which is worrisome). 

Deals seem to be pretty easy to find, fix and rent.