Thus, they are more apt to be torn down since they are in central locations and larger projects can replace them.With regards to the general BP poster or reader, doubt most of us are the $100mm to $300mm investor range to consider taking advantage of these properties.Looks like you're in California. 

It usually doesn't cover for full replacement of your property.

How often are you replacing furniture and taking new photos?

Replace that **** with a HELOC in the first Lien position and be done with the mortgage ( it confuses people obviously but also it will simplify what your doing altogether).

My landlord insurance will have to cover the costs of fixing the interior like replacing carpet, interior painting etc.

I assumed some would need replaced, which would be okay, but I would hate to see it all trashed.I guess in that vein though, I hear that a lot about LTRs -- the horror stories -- and we have been blessed with amazing tenants (generally) so I was thinking it would be along the same line where it would be something where you would want to charge high-end and screen intensely to try to get a tenant that just is transitioning and can benefit from the furnishings.I know that could still happen though, even with all the precautions you can take, so it's something good to consider! 

Eventually, I’d like to start using the cash flow to pay myself and work toward replacing my day job income.

For example I had my slow teenage kids with me and I hadn’t replaced the keycard by checkout time (6 minutes past), although we were out of the property and had locked the door by that time.

That's why it sort of replace the need for a checking account.Every tool has it's function.

If the machines are 15+ years old, I recommend getting a quote to replace them.