Lost rent from vacancy could easily be several thousand...so, by time you add it all up, it's easily possible for a sewer line replacement to end up costing $40k+ if it involves those types of ancillary expenses.To me, spending a few hundred bucks on a scope to prevent a $40k+ capex on a property worth over half a million is one of the easiest choices I make in the world of REI!

Yes, getting sued is a risk factor and I've been involved with frivolous lawsuits which are not fun, but in my opinion you'd be in a much better spot owning a property in your personal name that let's you keep an extra 10-20% of the purchase price in your pocket as emergency funds, as opposed to buying the loan under an LLC that requires every last penny you might have to make the higher down payment, then you have to operate on a shoestring.

What did your management contract state about screening prospective tenants and your involvement? 

It would involve putting an external staircase on the side of the house and making the second bathroom into a full bath.

My question is since a lender is involved and I will be drafting up a contract how do I protect myself as to once I hand off the home he doesn't end up pushing me out (there is no sign of such and there is trust but this business)?

Given the legal challenges that can come with Foreclosure, I recognize the importance of having an Attorney involved for the Foreclosure process.

It is actually a little more involved than that sounded but you should get the point.

With $50K—$100K, you could fund a rehab and refinance to free up most of your equity for the next deal.Cons: BRRRR often requires more hands-on involvement, especially managing contractors and timelines, which could be challenging with your demanding job and family obligations.

There are lots more that require a little bit of human interaction and a few more that need full involvement of a person - answering the phone, some AR and AP.

Depending on the ARV, I think you are better of using your own cash or getting a partner involved to finish the rehab and then cash out refinance with a conventional or DSCR loan.