This way your roof will look nice and straight and have plenty of support.

Why should a tenant have to pay you if the roof develops a leak and you have to fix it?

I mean, they cited you for "roof discoloration" which sounds a bit crazy but if the tile roofs have pollen and junk all over them they may want you to have it cleaned. 

Money set aside for major stuff like roof, plumbing, flooring, etc.

So you get a house in a 150k neighborhood for 40k cash and then you have plenty of room to redo the kitchen and baths plus put on a new roof.

Just to be clear capex is large repairs like a replacing a roof/painting the building/unit remodels etc.

My roof guy being one.

Roof, walls, floors are good.If I purchased it, the closing would likely be in mid-December.Questions:What ability do I have to step in as the new owner, start the reno, and get it out of Receivership?

id suggest you learn as much in the construction end as possible as the prices of foreclosures at least by me, Rockland Westchester Orange are through the roof and not much meat on the bone to justify a flip.

We have broke ground on Thanksgiving week and now as of yesterday we have the first floor framed and will be under roof by the end of the week despite the bitter cold and snow that we have gotten this past week.