Hey Travis,I don't have any experience buying properties with fire damage but I do work in Emergency Restoration and deal with fire damage all the time.

If I called their employers, called emergency contacts, called previous landlord, and everything came up fine, I would consider them with the background check you did in addition.But then again no credit card or loan history is a bit of a unicorn, right??

I knew I would never be able to buy in California so started researching emerging markets around the US to become an out-of-state investor.  

. , price point depends on if I can get a good value in an emerging area, not looking for war zones, but would like to be educated on the working class areas.  

In addition to your closing costs and down payment you should have at least several thousand in reserves for each property for just such emergencies as well as carrying you over during unexpected vacancies, evictions, and tenant destruction of property - it happens more than you think.  

They will make emergency repairs without notifying me.

I will change your numbers even more. you did not allow for property management ( should always allow for that, even if you do it your self) so - $110 / month. so your at $81 / month, but i would not include CAPEX in your numbers, what i like to do is not withdraw any money not allocated for expenses and keep it in an account until it hits a certain amount ( in a 24 unit building i would put away at least 15k) then start withdrawing money. so you are now making that 1,200/ month so your income is $1281 / month. in one year you will have the 15k in the bank and year 2 you can start withdrawing. this is a quick way to built up for any emergencies.

private eyes are a good solution to the problemor a friendhere is a way to do an inspect without being to obvioushave a contractor buddy of yours go over to the property because they received a call of a broken such and suchhave them go over because it was a emergency call and he has to do a inspection of the broken such and suchtwo things- gas problem / electrical problemhave them do a quick over view of the property and have the tenant sign the work order so it looks all above tableenjoy

Shopping money, Emergency money, Grocery money, etc.

So If they want to get one and give you your own code to disarm for maintenance or emergency purposes, I would not have an issue.