The 401k loand might feel like "cheap" money, but that 10.5% interest rate means it's more like a short-term hard money loan.

Giving away the place cheap only creates more work for yourself screening lower income individuals, and attracts scammers.

I bought the cheap lowes light blocking blinds. 

Does it make sense to cheap out over the few thousand dollars it will cost to go through a proper escrow and title process?

That is a cheap pet fee and good cancellation. 

Your 3% rate likely helps you with cheap debt and without the need to chase high that normal rental rates.

They are stuck in 2014 when notes were so cheap and easier to make money: now pricing is tight and even just buying to resell is challenging.Note investing can be more passive than other aspects of real estate but still takes a lot of work as well as a lot of experience and knowledge as there are many moving parts that can go wrong 

For most people getting an LLC is relatively cheap. 

Some of the best BRRRR deals I have seen play out this way:You buy a home cheap enough that when you do a renovation and pull out 75-80% LTV, your rent covers your mortgage and you have returned most of your investmentThis is for A-B class areas. 

We have a tons of lots around here like the one you described, many of which can be bought for cheap and are not listed because there are just barely any buyers for such.