You probably don't run many applications, so I wouldn't sweat losing a little money on each one.

The way the numbers shake out, it probably is close to 75/100 or 80/100.

There is a basement, that if updated could probably be rented out for storage.

If the lienor failed to follow the statutory requirements to perfect the lien, the title insurer will probably advise the management company of the problem and request they record a release. 

I've probably spoken to 30 different lenders, some conventional, some hard money, some local banks and 20-25% is the minimum

If this will be your first rental, I would probably wait a year or so after renting it before scaling into more properties, especially if you will be traveling.

You probably need to pocket 20%-30% of the upside over the first three years to make this make sense.  

If you are trying to build your portfolio faster I'd probably go with the second scenario.

-Rent collection and financial management is probably not at the top of the list based on some of the challenges that we hear about, mainly because if you are lucky enough to have solid tenants and low vacancy, this is easy peasy, but if you have some challenging tenants that default on payments, or the possibility of an eviction arises, it can be worth paying a management company to help guide next steps."

The only real difference is when you start collecting rent after purchase.How have you weighed this against the probability of tenant nonperformance?