We spend $500+ per bathroom on plumber, new quarter turn supply valves that we sometimes install, new delta shower valve and trim and new lavatory faucets.

As a wiped out junior you always have the right to sue for a judgement and chase the people ( rarely works out in low value assets like this.)also in that example your equity spread is not very good unless you are buying the second for 10 cents on the dollar.but lets say the first is owed 50k by the time it goes to sale they maybe owed 65k and if opening bid is 60k they may show up and bid up to the 65k in hopes of competitive bidding.. once 65k is met anything over 65k goes to the second in line which would be your second.. so lets say it bid to 70k you would receive 5k.. the delta. as a foreclosure buyer in Ohio its not common to see things bid up to far like it is in west coast sales. this is why seconds trade at such a low purchase price there its very common for them to get wiped out. now you can always bring the first current foreclose on your second and maybe some newb will bid on it no realizing its a second.. but then you become the owner and maybe as the owner you can sell and recoup what you paid or even make a profit.

A better way would be this:The money is made in the delta.

Is it better to get a first loan for 75% of the ARV with hard money for 60 days, pay the sales price and use the delta (and any extra personal cash if necessary) to do the rehab project, and then refinance to a conventional loan (Is this considered a BRRRR?))?

Other than that, I would think the biggest delta would be your hot water heater from going electric to NG - this will depend on your energy costs in your area.  

I'll spend a little extra on a Delta or Moen, usually something on sale.

Is that 1% delta worth the risk and potential reward of going from a US treasury bond to real estate? 

The truth is in the delta.

We'll define this as a structural Class D.In addition, it likely is a very good idea to be at a significant Delta to Class A.

All things being equal the delta shouldn't be that great between Facilities as storage is pretty much a commodity.