Cleaned up the property for resale and the home will be worth more than I paid for both once it is rehabbed.

4) Cleaning must be outsourced if you want to maintain your sanity

They fail to make their last two payments, steal your washer and dryer, their dogs have destroyed your carpet and dug up the lawn, there are several broken windows and holes in the wall, and the place is filthy.

Complete carpet replacement. 

Basically 1-2 weeks to clean and update as needed and 4 weeks to lease it out.  

All I needed to do was clean out all the junk in the home, put new carpet in upstairs and repaint a couple walls.

These properties ‘may’ have liens, judgements, HOA dues, etc. attached so make sure you have a Title Company perform your search for clean title.  

They clean out the properties and sometimes do light renovation prior to putting the house on the market.

A tenant is currently moving out and we are doing repairs and cleaning.

Ignore the fact the taxes haven't been paid because it will all be paid at closing so you get clean title.