In my case, the property was already auctioned unsuccessfully and I have a good case of the proper value.

As @Marc Winter has already pointed out, it is unwise to sink a bunch of money into rehabbing a property you don't own, not to mention the various other problems Marc mentioned such as insurance and permits.A better way to do this is to take title subject to any existing financing and give the seller a note for the balance due in 1 year or upon resale of the property, no interest, no payments.

The strike price can follow the declining principal balance.

Rodney Thompson We need to know what is the unpaid balance, total payoff etc on the loan.

It goes without saying that one must exercise caution and find a balance between liquidity - cash flow - and maximizing long-term returns.

If it is a cold roof, and you add into the corner, you run the risk of have the new roof not properly vented, as wells as compromising the existing roof's venting. 

I would keep in mind that most real estate agents are not knowledgeable enough to properly advise you on an investment property purchase.

My reasoning is that I like having a lower required monthly payment in order to maximize my monthly cash-flow.Remember, you can always reduce your principal balance at any time with a HELOC (or an loan for that matter) simply by making a, "principal reduction" payment.

YOU need to set up protocol with your PM.. they won't move any faster than what you set as a deadline,, no reason not to advertise while occupied with proper notice.Get in assess the current condition as soon as you get the vacancy notice so your prepared to know what's needed to turn the House.. 

Not only does it have tons of forms, it promotes the proper LL mindset.