You will also know how many days you must return it by and what evidence is required in order to deduct the expense (receipts).Also in future purchases with inherited tenants, you will want to ask the current owner for their payment histories, estoppel certificates, etc.When it comes to working with tenants you inherit, you often have to retrain them.

We avoid the states with long and expensive foreclsoures like NY and all the NE states and focus on the non judicial states with no snow, and I say typically, as we just picked up a historic property in Ohio City, and they live next door.

But the high prices/taxes and my conservative estimates for the gamut of expenses and income don't allow anything to get close...

Rent on the homes is at best a break even after expenses. 

If I delay will the expense go much higher?

This type of financing is expensive but for someone in your situation could work.

Thank you for the response.Another question If I buy a second home with 10% down payment, can I rent it out and treat all the expenses as business expenses ?

With more expensive homes they take longer to sell so beyond basic information for a listing do not spend thousands.

After cap expense we're cash flowing $400 a month!!

Lower market cap rate means it's more expensive, not cheaper.