(obviously, no; a beginner could easily get themselves killed on double black diamond terrain!).

However, you can easily keep an eye out for either a single family home that you can create an in-law suite (whether in the basement, or converting a family room or other separate area of the house) or even a townhouse with a walkout exit that could have the bottom floor serve as an in-law suite.

If it is easily piercable, then it serves no point whatsoever.

The home needs updating and at asking price it will not cash flow easily, so I’d like to get it at closer to the $260k they paid.

On the flip side, I've easily seen people fighting to rent units for $5k+There's a big difference between the west side (Chelsea is one of my favorite neighborhoods, Google's HQ, lots of wine spots) and the east side (mostly affordable housing). 

If they are professional, they can explain this quickly and easily.

Super easily done if you stick within the timeframe allowed by law. 

(obviously, no; a beginner could easily get themselves killed on double black diamond terrain!).

With your background and experience you should easily be able to get this property under way and producing income in no time.

For example, if a first trust is being foreclosed you can quite easily assume that any junior liens have not been being paid since before the first went into default.