---So, learn the neighborhoods where you plan to invest and use Google Streetview to virtually explore them.3) Poor Tenant Screening - they typically can't sell a property until they place a tenant.

I would screen as many properties as possible via online and through phone calls, and lastly I would fly out to the property for a physical inspection before I ever put anything in writing. 

They will be there to give you advice on properties and neighbourhoods, to oversee renovations and repairs (making sure they're done promptly and properly), doing inspections, screening tenants, collecting checks and evicting if necessary.

Landoring is a great investment strategy, however, dealing with PM can be overwhelming without proper training on dealing with evictions, collecting rent on time, screening potential tenants, repairs etc,,,What is exactly your questions you need answered?

We usually bring our pressure washer, edger & weed killer (tenants always let weeds grow up around the heat pump for some reason), screen material and screen tools, plan on painting any exterior wood railings, doors, etc., that may need it, stain decks, fix loose fence pickets and gate hardware, anything that we know would cost a fortune in labor charges if goes through the PM but we can do ourselves at low cost. 

And, the IRS may not buy your claim as to buying an investment property for depreciation and expenses with a buy-sell.If you actually have the cash to bring the loan current, I don't see the bank barking about getting involved with their foreclosure process, but......that property is now on their radar screen and they won't be going with a Sub-To, slim chance IMO.

Just make sure that you screen your GCs as well as you screen tenants and you life will be so much easier. 

A lot of them have very bad credit and one of my phone screening questions is: "Do you have good credit?"

Being tenants I have screened may have something to with it.

And I was assuming you'd be self managing so no PM fee.There's 850/mo in expenses there so your gross profit is roughly 650/month.At that price, you should make money providing your screening is good and your rehab includes anything that has a short lifespan (btw I replace water heaters on every house I get - no matter how good they look.