hmmm, it seems not that simple.

I recommend a simple spreadsheet to check your math and it will make it simple to adjust each year.End the complaints.

It gives you the power of a professional real estate bookkeeper but it's simple enough for someone who is not a fan of bookkeeping to stay on top of things because the User Experience is well thought out.

We also have a bank account at a smaller Chicago community bank, but there technology isn't as good to be honest.I think @Jonathan Greene's main point is don't step over dollars to pick up pennies. 

All of the rooms should have locks on them (and they shouldn't unlock unless the correct code is entered) and if one of them picks a lock to go in a vacant room, that should be automatic lease violation and eviction. 

Insurance protects your property from paying out of pocket for damage, plain and simple.

I was hoping to do a deal and get my feet wet with something relatively simple to start.

I know this may sound simple and unorthodox, but I think you should try to BRRRR as much as possible.

these investors were all chasing easy OOS cash flow:https://www.biggerpockets.com/forums/963/topics/1195280-expe...https://www.biggerpockets.com/forums/48/topics/1160450-run-i...https://www.biggerpockets.com/forums/48/topics/1137397-balti...https://www.biggerpockets.com/forums/52/topics/1010977-12-00...if you're serious on investing in an OOS market i'd pick one, get to know it, go to it in person, and build a team, and then determine what would you need to do to get a good return in that market. 

You better reach out to them days before the auction and give them a simple choice: allow foreclosure sale  to occur or allow you to take it over from them, with equity justifying your purchase.