There's risk and cost involved if they have to foreclose. 

If your time is worth more doing something else, then hire it out.If you have someone you can trust to do a good job.....just as good or better than you....hire it outIf you like to be involved and be hands on, then do it ....up to a point.I prefer to do everything I'm capable of myself....if I have the open time.

I have come across this deal in York, PA, involving 3 side by side single family homes.

Learn from someone else's mistakes, don't reinvent the wheel, etc.My goal for my first deal is to financially partner on a flip with someone who has some successful rehabs under their belt so I can be involved in a deal, see firsthand all of the stages of the process, and learn the basics from someone with some proven experience. 

I think if you have time, self-managing a vacation rental is probably your best bet, as far as getting both appreciation and cashflow. 

So yes, rehab dollars will be involved. 

Put a clause in your leases going forward about what can be flushed and cannot and chalk it up to a lesson learned for all involved.

Some rehab was involved, Nothing major.

You have a much bigger cost and time involved when you start setting these complicated ownership schemesup.

Prices may be a little high (but with so much competition I bet you can find a deal).  2.