This acts an extra safety net as the bank has to vet the deal just as much as you do. 

Understand A/B/C class neighborhoods and what we want to invest inCheck safety/crime, schools, things to doCheck if state is landlord friendly or tenant friendlyCheck regulations within each stateCheck if properties fit 1% rule and run analysis on numbersNarrow to 2-3 markets.

I don't understand why the owner of that property would not keep up with the maintenance, but the fact is that they kicked everyone out of the complex and it has been completely empty since the beginning of this year due to safety hazard issues.

Fha wanted all these mandatory repairs for safety, and the GC saw dollar signs.

I also used the crime map from realtor.com and trulia to give me a  general feel of the safetiness factor.

Your 401k is a book safety net and the “at least you have something saved” Incase REI doesn’t work our.

I would first try to get a loan if safety or code do not meet the loan, I will pay cash.

That means underwrite conservatively with margins for safety and don't over-leverage and you'll be fine.

We set aside a portion of our gross rents each month (usually 15-20%) in a capital improvement account and then we can use that account to fund repairs like roofs, AC units, remodel of kitchens or bathrooms, new appliances etc.You will always find something to spend on , I would spend some time to prioritize your capital spending, and to plan ahead of time for big ticket items to keep your place in top condition.  

Is it that they're spending their money on other things and not prioritizing paying their rent first?