They essentially give you all properties in an area, and you can skip trace and call the homeowners.

Analyze the property's income potential and expenses and see how it shakes out while you live there and when you eventually move out. 

Here’s my thinking so far: the property’s been on the market for over a year, and I know they had an offer for $500K.

"Hire fast Fire faster"     Although I assume you mean how much to clean the property the first time?

Bought this first property close to my house.

Yes, you can ultimately own a property with little/nothing out of pocket when you're done - but when you reposition with today's rates even moderately leveraged stabilized assets can be hard to find cashflow with debt service and a realistic operating expense load.

While attempting to rent out a newly purchased five bedroom property, my property manager was approached by a Sober Living company looking to rent out our property.

I’m curious if you have purchased any properties and what your experience has been.

I use the work tenant is quotations, because the lease was not signed with an individual, but rather a LLC for a property management company who subleased the home on AirBnb. 

Through commercial lending as an investment property.