Now she doesn't want to sell her house to me.

An off-the-shelf LLC doesn't really offer protection in half of the cases, it is easily pierced because of outdated clauses.

Bank was never the owner, has no obligation, doesn't care.

that doesn't account for vacancies, or capital expenditures.

There are cheapo AMCs out there, and the lender can pick the AMC, but if you go this route to save $75 or $125, please don't make a thread complaining when the appraiser does a half-arsed job and the property doesn't appraise - that's a "you got what you paid for" scenario.

I find at least in my area it usually doesn't produce quality leads that have stable income and clean eviction record.2) I pay particular attention to market rents and what mine is.

Newbie to RE investing but as I own a  small business my current accountant doesn't understand real estate and has been late in filing my taxes the last couple of  years.    

It doesn't mean that the or appraiser will agree with you!

What it doesn't include in an unemployed person sitting around all day running a space heater. 

This doesn't even begin to account for all the time spent and the high levels of stress that are inevitable when you're involved in litigation.I always tell my clients I don't want to turn away money, but there are times when it's best to just take a small loss and move on to the next deal.