I would suggest you find your local real estate investment club and attend, you are bound to find active rehabbers their that would be happy to assist in your journey.

One house I did put an offer on (but didn't close on) had exisiting tenants and the security deposits part was written in the offer, just for good measure.Assuming the tenants are not already bound by a lease that is in effect (ie middle of a 12 month lease) and they are on month-to-month, I would require them to sign a new lease with me to stay....though you may want to wait on the new leases until new meters are put in and then any new terms, such as utilties, can be included.

I'm sorry that you will loose money on this deal, but at least YOU DID IT!

Four years in arrears might mean you need to catch a couple of those up pretty quick before you loose your right to redeem in a sale.  

If I don't have a renter for a month, I am loosing that income. 

What do you have to loose?  

I don't know about you but I personally am shooting for success and in that case IRA is not smart thing to do.In addition you loose access to YOUR money until age of 59.5!!!

(Note:  Loose lending drove it this high) At the bottom in 2011, the HAI reached 56%.

There is no difference if you are in first position or second position or later, they can all loose to taxes.  

Essentially, we should learn from our mistakes, otherwise we are bound to repeat them.