Otherwise you're probably wasting time on a dud. 

Tax planning - needs to be a CPA, looks at wholistic financial situation and helps you minimize taxes [$$$$]In general, these are more expensive as you go down the list.

Think about it, if you have the money to buy a 3-5 Bedroom home already and can afford the mortgage, then your risk is minimal because you already have money to cover expenses.

You can always give the tenant the right to match your best offer, but be sure that they get pre-qualified for a home loan so you don't waste time with them if they can't qualify.

How about the opportunity cost of all those wasted resources, the years spent learning what you could've learned in months, the money wasted on the mistakes made, and the frustrations and unnecessary roadblocks added on the road to your dreams and goals? 

I would suggest that if you can find a lucrative deal, that requires minimal cost of improvements, and a good resale value, then do take advantage of it.

You can not paint over that and think it will be ok and doing drywall over it is a waste when you can remove it.

This will not work and apps will just help you generate minimal activity that you don't have time to respond to anyway so I would spend more time figuring out how much time you can square away for REI.

Tell them upfront it's a rental property and not your primary residence, and you won't get your time wasted.

But investing anymore in getting old ones back VS just buying new would be in my opinion a waste of money.