What does the lease say? As

Seems I can't scroll up on this post, must have typed too much..... but @Brian Gibbons, that UCC analysis is interesting.....Look up  how the UCC came into being, the committee of origin, adoption by states, it's not overriding of other Acts or regulations and the source as well as the date should be posted to better understand its applicability.Contract for deeds were a specialty of mine, I have fixed so many of them I can't count them and I used them as well, I rarely say a good one and after explaining some pitfalls to attorneys drafting them, they simply said they would stop doing them!

For example, say a neighbor refuses to pay rent, then they get eviction filled.

Even soap, let’s say a car detailer as an example.  

I'd say as long as you have $10k after closing for a property that isn't COMPLETELY disheveled with it's most expensive items (roof, HVAC, plumbing, electric, etc..) you can conservatively move forward...Most items can be "bandaided" as you go using this reserve & by following the same principles you followed to get to that $10k + your additional savings and wealth building by buying, you should be able to then take on all the "permanent" fixes within a year or so...

Zoom out to the bigger flippers who are doing 7+ at once-->they've usually got their procedures and systems in place and there's less value to be added compared with the "switching costs" the flipper would view a new manager as.Following this reasoning I'd say a "sweet spot" approach would be to find people who are flipping 8-20 homes each year and get to know all of them. 

Being upfront is generally better telling the land owner you want to sign say a 6 month contract to sell to you.

@Michinori Kaneko a when you say a HEL is like a mortgage, it is a mortgage!

And like ANY 'commodity,' homes that are bought and resold like clockwork ultimately can 10- 100X say a 15- 30 year play, with 3:1 interest, to principal... so it amazes me that ANYONE is still buying, holding and "renting" SFRs, in the 21st Century?!

You typically get monthly or quarterly payouts, preferred returns in the 8% range, CoC 8-10% and IRRs in the 16% to 20% range over say a 3-5 year hold period.