Starting to wrangle as much cash as I can to do my first small deal and get some positive cash flow to exit the rat race!

Depending on our cash positions we may go ahead and do these, even though we don't plan to build for a year or two. 

Personally, if it's 1st time, I scold them and let them know of the "fine" for such, but at end I waive it if there otherwise decent tenants so now it's left in a positive manner and they know they will be paying if done again. 

@Elizabeth Goff I'm in exactly the same position as you were 7 years ago!

It depends on who is foreclosing, what position they are in, what state is it in (is it a state where HOA usurps mortgages), are taxes being satisfied?

Yes I can do 10% down, but only if the seller carries a 10% second position. 

Their cash flow should be high enough where even after depreciation you have some net income, i.e. a positive number, with a plus sign in front.

We inherited tenants and it was a positive thing.

:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+, zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680, some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

The biggest qualifying factor is positive cashflow.