Now, here is the catch: 1) You have to have to be self-employed, maybe an LLC or S-Corp, or just sole prop, but you have to have earned income in that business.

Is it usually solo business professionals ( travel nurses, corporate executives, etc) that rent midterm. 

The books are already outdated (that isn't to say there isn't any value).The minor might be interesting if you want to get a corporate job in real estate.

Options1) I have some cash buyers who are ready to acquire the property under the as-is condition2) Make basic updates to pass U&O, rent it for two years, and refinance it after to take out my investment and profit. 3) Make an update to get the maximum value from the property (Bought at $126K, as-is value $165K, and updated value $265K)The challenge that I am facing is to make the title clean faster without waiting two years so that I can take my investment out and put it into the next foreclosures.

Myself I had my title company pull every NOD in the MSA which was 4 counties 2.5 mil people. create a spread sheet and they would up date it daily as new NOD's came in.they would give me address  lien position  tax information and lien judgment search.. having our title plants digitized and off shore allows for this data to be gotten in a few clicks.. then when I got my short list I would give them that list about 48 hours before the sale and they would do a date down for me on those..

You will also need to learn how to create the corporate structure for deals with investors, and how distribution waterfalls and management fees work.

If it gets rented the owner will update the listing with a new available date; if this moves by 30 days or more you can reasonably assume it was rented.

You don’t have to keep a detailed spreadsheet or a notebook that you must constantly update.

Rent is $1,725 with existing tenant, a little under market so scope to increase in future, especially if I do a cosmetic update. 

I suppose this is a good problem to have, but the liability potential has me convinced I need to speak with a proper lawyer and CPA professional.I have read through Garret Sutton's first book (Start Your Own Corporation).