Check out my profile and let me know if I can be a hand!

Just a better way to ask yourself what happens if everything goes to hell in a hand basket!

On the other hand, it can fund moderate renovations, it seems.

We have not much/no experience in the pre-foreclosure/short sale area.We contracted a local RE attorney to draft us a Purchase Agreement (PA) and we handed that to her for her signature, which she did.

Is it a good idea to use Roofstock especially considering I want to stay fairly hands off and I don't have great property options locally?

The market has been so flat for so long barley any properties have been changing hands so there is nothing I can compare it with. 

You need to have cash on hand to be ready to make offers.

Would accomplish the same thing, though you would float a little more interest I guess.I would like to have available cash on hand for another purchase..

so this means the appraisal for the refinance part of the brrrr may come in too low if i move forward with this plan.of course on the other hand the tiny bedroom is wasted space that nobody will occupy. prospective tenants who need 3 bedrooms will not apply and my time showing this unit to them will be a waste. i do plan to hold this house for at least 10 years. so i am leaning toward doing this in an effort to make it easier to rent and keep tenants.

Or your a known very wealthy person.proper insurance is what you should have if you get sued hand it to the insurance carrier.. but make sure your landlording in a way that is not considered slumlording IE not fixing things