These are all conversations you will want to have with your attorney and CPA so that you get advice specific to your own situation.

So unless your into similar situation, it is better to cash flow positive on day 1 if house price has little appreciation in the future.

Depending on your state's requirements, I usually will buy decapitated ugly homes directly from the public with no agent involved and in those situations I have a disclosure that states specifically that the seller is selling the home significantly below market value (I also wrote the the ARV in there so theres no evidence that the seller or buyer didn't know what they were buying/selling).

This is always a tough situation.

If you don't care how it looks you could put it in conduit and surface mount the conduit and paint it to match the wall color.I would get someone to tackle this immediately and communicate with your tenants so they know you are working on the problem.I would make sure your heat is handled first if this is affected.Then work on any other 240VAC circuits such as dryers, stoves and hot water heaters if applicable.Then get the lights last.I would try and do this without moving tenants out.I just had a 2 story house rewired and it took a week but they worked around the one guy that was living there and he was very understanding of the situation.

It's your job to identify it when it happens and learn how to handle the situation in a calm and professional manner.

I originally was planning on buying a house just as a residence, but after listening to the Bigger pockets podcast and reading Rich dad poor dad, I want to make a smarter investment.I am in a unique situation because I work for the police department and my primary residence is required to be in one of the five boroughs or Long Island.

With the online services, you can halt payments to avoid this exact situation. 

You have to decide what your priorities are whether you want to sacrifice your living situation somewhat to get better cash flow or not.

I’ve never seen the step by step process first hand (obviously) and I know just doing it is the best way to learn but I don’t have the knowledge to get myself out of a sticky situation if things didn’t go right for me.