At it's basic level:Assumption: Asking the bank to turn the loan over to you and going through the normal underwriting process, credit, income, DTI ratio etc SubTo: Taking over the loan without telling the bank, no underwriting, no credit check, no income verificationBoth have risks, but it's not my intent to be detailed in this post.

(Getting a PE involved in requesting and certifying foundation work wasn't cheap!) 

Short term, leaving financing in place during rehab prior to resale — great strategy with limited risk to either party. 

Give The Ultimate Guide to Grading Cleveland Neighborhoods a read to see which neighborhoods fit your appetite for risk. 

I'm at a stage where I really just want to get involved and start buying properties.

Mortgage rates are based on what lenders consider risk factors such as loan to value, credit, etc. 

Reward: Assess whether the uncertainty surrounding the current occupants, title clarity, and liens aligns with your risk tolerance.

It's also important to know when you face the risk of a lawsuit.

Being abroad adds risk to your file and terms will be effected in some way or another.  

There are a plethora of CT based real estate Invetsor meet ups you should get involved with.